Renovation surprises

Font size :
Q. Before we decide to start renovating, are there any surprises we should look out for that could affect our budget? 

A. Reality shows may make the whole renovating process seem glamorous, even when they show contestant exhaustion and frustration, because the end product, with beautiful decor and furniture, makes it all worth it. So before you start to renovate your home or investment property, here are some other costs to consider.

No matter how much preparation you do, unfortunately there is a chance you will come across an unexpected surprise. For example, your builder may find wiring that needs to be replaced or wood that is decaying and will required a specialist to come in. All of these extra things will cost extra money and could cause a blow to your budget. The best thing to do when saving for the renovation is to set aside an extra 10 - 15% in order to cover these unexpected issues if they come up. 

The safest thing to do when renovating is to prepare for the worst. Your builder may get their wires crossed and knock down the wrong wall or you may make a measurement error resulting in benches or cupboards not being able to fit. Renovating can cause a lot of stress, which means there is a higher chance of mistakes happening. 

Before you sign the contract with your builder, you need to make sure you have a clear understanding about what is and isn’t covered in the contract. They may include things in the contract that they don’t explain to you beforehand (such as extra costs for tools or materials) and it could end up costing you extra later on.

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan

Mortgage News and Articles

CBA unveils new repayment simulator CBA unveils new repayment simulator

The simulator will show customers the differences between different types of repayments Read more

How to tell when a housing market is cooling How to tell when a housing market is cooling You need to check clearance rates, listings, and the price gap, among other factors ... Read more

Growing demand for green apartments in Sydney Growing demand for green apartments in Sydney Both owner-occupiers and investors favour eco-friendly buildings for their energy-saving features and reduced environmental footprint ... Read more

Are property investors as rich as they appear? Are property investors as rich as they appear? A multi-property portfolio doesn’t guarantee easy millions ... Read more

More mortgage news and articles

Sponsored Links

Tuesday, Sep 26, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords