Improve or Move?

With to-days property market being so unpredictable homeowners would be better off staying put and renovating as opposed to selling up and buying a bigger home.

Ask yourself the question Why do you want to move? Is it because the children have grown up and now need their own space, or is it because Dad would like to have his own personal workspace? Or would mum like to have a sewing room. Whatever the answer you need to work out whether you will be able to recoup the cost of renovating when you sell your property or make sure that you don't over- capitalize your property.

If renovating is structurally impossible, or you cannot live with the mess while renovations are taking place, or the cost of moving to a bigger home is on par with renovating then moving is obviously the best option.

The right finance
When you decide to renovate, finding the best loan to suit your needs is particularly important. Renovation loans can streamline the whole process and save you money. Be clear about your needs, plan for the future.

Range of options
Homeowners can choose from a range of finance options available. Which one you choose will depend on the size and scope of the project; whether it is a simple kitchen update, emergency repairs, home extensions or full renovation.

  • Redraw facility - for smaller projects such as a new room or sun deck.
  • Home equity loan - for medium sized projects such as a new kitchen or a pool.
  • Line of credit - similar to a home equity loan.
  • Construction loan - for larger scale projects such as complete renovation that requires council approval and the services of a licensed builder.

Whatever form of finance option you choose just click on our Home Loans section and we will help you get the best possible deal.

Get your quotes now

What to find out more? Enquire now

Published on October 10-th, 2008 in Home Loans
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.
Enquire about Home Loans
Please enter the estimated value of the property

Important Information

Not all providers in the market are included in the comparison.

Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs.