RENOVATING OR BUYING A NEW HOME? Mortgage Brokers Perth
Below are some questions Loan Monster has put together that you may want to ask yourself, should you be thinking about either buying a new home or renovating the one you are currently living in.
- Do you like the location of your existing home? Is it close to shops, good schools or parks that may add value. If so it may be better to stay and renovate rather than move into a less appealing suburb. On the other hand, it may be better to move to a more pleasing area that adds value to your home.
- What are your future plans? Are you planning on having a family or have you had your family and would be looking to downsize? Depending on the answers to these questions, then you may want to look for a smaller or larger home to live in as renovating the one you are in may not cater for your needs in 5 years’ time.
- Will any renovations you do increase the value of your home? Always ensure that if you do choose to renovate that it adds value to your home. Some renovations are expensive and in the end, don’t always increase your home’s value. Speak to an expert before starting any renovations.
- Can you afford to move? Have you done a budget to ensure you aren’t taking on too much debt? This relates to both buying a new home and renovating your existing. For example; buying a new home may decrease your mortgage which may work better for you by saving in interest with a decreased repayment or it could increase your repayment and put you under mortgage stress.
- Will the renovations be non-structural or will they effect the structural fundamentals of the home? Taking on a structural renovation is expensive, in this case it may be better to move.
- How does moving or renovating effect your mortgage? If there is enough equity in your existing property you may be able to refinance your home to release some cash for non-structural renovations. This is an opportunity to look at your home loan and ensure you are getting the best deal for your personal circumstances.
- Have you spoken with a renovation expert or a Mortgage Broker? We are happy to assist you at Loan Monster in Fremantle with any questions you may have in relation to purchasing a new home or renovating your existing one.
* The information contained in this website should not be taken as constituting personal advice. We recommend that you seek professional assistance before acting upon any information provided or linked on this web site