If you’ve been thinking about renovating for a while now but have hesitated due to fluctuations and uncertainty in the property and financial sectors, 2020 might be your year to renovate! With interest rates at all time lows and property prices increasing, you may have more options to renovate than you think …
If you own your property and already have a mortgage you have begun paying off, you may be able to access the equity in your home as cash out. With interest rates now at an all time low, and property prices set to increase, refinancing your existing mortgage to renovate your home may be a viable option for you.
Refinancing now, may actually make your mortgage repayments less than what you are currently paying (depending on how much you borrow and what your current interest rate is). Interest rates vary from lender to product, and depending on amount borrowed. Interest rates have plummeted (some lenders offering 2.99% on fixed term products). Talk to your financial advisor/broker to learn what may be possible for you and how re-financing your mortgage may help you reach your renovation goals quicker.
It is also possible to take out a renovation personal loan to complete your renovations. Again, talk to your financial advisor/broker to learn what may be possible for you.
But you may not have to rely on finance at all…
Maybe you have been saving hard for your dream kitchen or bathroom and you’re getting close to your goal figure. Go you! Sacrificing now to save for your renovation could be of huge benefit to you in the future, when you go to sell your home, increasing your property value.
2020 really could be your year to renovate
When your ready, we’ll be here ready to help you get the most out of your renovation. We manage renovations from start to finish, providing all trades and the peace of mind your in good hands.
Disclaimer: This advice may not be suitable for everyone as individual circumstances vary significantly. We recommend seeking financial advice before making any financial decisions. PCM Carpentry are not financial advisors, this advice is general only.