Are you running out of storage space in your kitchen? Maybe the bathroom is looking a bit tired? Or maybe you are finally ready to create the perfect layout for your home.
Whatever the reason, renovations are always popular.
Your house is your castle, you want it to look and feel that way too. So… renovations are on the cards!
If you have been considering renovations for a while, then now is the time to finally put your plans into action.
Why? There are three reasons for it, the current interest rates are excellent, you can add real value to your property, and you deserve to enjoy your home.
Let’s look into these points in more detail…
The Current Interest Rates Are Excellent
At the end of 2018, mortgage rates dipped below 4% which was the lowest recorded rate since the 1940s! Rates are still hovering around that 4% mark with many lenders offering special rates at various times.
Why are rates so low currently?
It is a combination of things that is causing the low mortgage rates. The traditional influx of springtime house sales, the strong demand for houses, and our economy is strong with low unemployment and inflation rates.
What does it mean for you?
It means that borrowing money for renovations will not cost you much in interest. You are able to extend your current mortgage or even take new lending without fear of high interest rates. Banks also have greater lending confidence at this time.
But you want to make sure that you take the right amount, on the right loan structure, with the right repayment term for your personal circumstances. That is where a mortgage broker like myself can help you get the best deal that won’t cripple your current finances.
Add Real Value To Your Home
Whenever you are considering renovations, you should always keep the value you can add in mind. Even if you don’t intend to sell any time soon, you should use the renovation opportunity to increase the current value of your home.
An outdated and older home is less attractive to potential buyers. It is also not as easy to live in as one that has modern features. Your home should be a place that makes you (and anyone interested in purchasing) smile when you walk in the door.
The way to do that is to add value in key areas. Kitchens and bathroom are always a great place to freshen the house. And at the other end of the spectrum, so is adding fresh paint and soft furnishings. If you are growing out of the space, you could even consider extending or adding an extra room.
Whatever decision you make, ensure that you don’t overcapitalise. Don’t invest more than you need to on your renovations as you may not be able to make that money back again.
While you want to maximise the value of your home, adding value should not be your only objective. Otherwise, it could leave you with a clinical showhome that you will not feel comfortable living in. That is why the final reason is allowing you to enjoy your home…
Enjoy The Home You Deserve
You call it your home for a reason, not just the property you live in. Renovating for comfort and enjoyment will allow you to live the kind of life you want to.
Think about how you would like your house to look and feel for the coming years. Will your family grow? Will it downsize? What are your hobbies and what kind of lifestyle do you want to lead? Consider all of these things when deciding on your renovation plans.
Renovating is a true opportunity to get the home you have been dreaming of without the stress of having to move across town. Make careful decisions that will not only add value to the potential sale price, but that also add value to your lifestyle.
So if you are ready to get the ball rolling on creating your dream home, I can help you obtain the finance to do it. Now is the time to finally get those renovations done with such an ideal lending market upon us. Get in touch with me today.