Written by Kodie Axelsen
Welcome to Spring time people! It is the perfect time to beautify your home and get your reno mojo happening! We have a booming little property market going on here on the Fraser Coast and this means all of the homeowners here have gained equity in their properties.
If you are looking to renovate your home to increase its value to sell or to live in, now is a perfect time to take advantage of the increased property prices and drawdown on the equity you have in your home. There are two different avenues you have to use the equity in your home.
Which way you choose depends on how much money you require for your renos. You can use up to 80% of the value of your property, and this avenue generally does not require full supporting documentation such as quotes etc. Or, you can access up to 90% of the value of your property which incurs Lenders Mortgage Insurance (this amount varies based on the value of your home, the loan amount and the loan to value ratio). This may sound confusing but I assure you a quick phone call to our office can save you the headache of trying to work it out yourself.
If you are planning on major construction renovations then we can use your build plans and the future value of your home. This allows you to access increased equity in a way that is similar to a construction loan when building a home.
This is an exciting time for Fraser Coast property owners. With low interest rates and high property prices we are seeing opportunities arise to renovate, increase equity and potentially make future property purchases using equity.
If you are interested in exploring your options please contact my office and book a meeting with me. I would love to run through your options and help you make an informed decision about your future finance and property needs.
Again, I am really excited for the opportunities this presents to our locals! I have taken my own advice and my husband and I have purchased an investment property to renovate and sell. You can follow the progress on Instagram @berallanproject. I live and breathe finance and property investing and am excited to chat with all locals excited to get on the reno train. It’s a fun one that’s for sure!