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Will ‘renovesting’ be the 2019 property trend?

With lending tightening up and property prices on a slight decline, could staying put and ‘renovesting’ be the best option for home owners?

 What is ‘renovesting’?

‘Renovesting’ is another way to say, “improve rather than move”. In lieu of selling up, property investors and homeowners may be looking to increase the value of their properties by enhancing what they already have.

By focusing on bettering existing properties, investors are able to boost the value of their current investments without the potential struggle of navigating a difficult property market.

 What kind of renovations are worth doing?

Worthwhile renovations can include remodelling bathrooms, refreshing the house’s facade, or even something as simple as repainting.

Certain renovations are more likely to add value to your home than others. It’s important to consider how much you’ll have to spend on renovations and what sort of returns you can reasonably expect.

 How can I fund my ‘renovesting’?

Renovations often require immediate access to stacks of cash you simply might not have. Fortunately, there are a number of options available to make your renovesting dreams a reality, including:

  • Apply for a personal loan – a personal loan can finance small renovations with a fixed rate for the entire duration.
  • Use the equity in your home – borrowing against your home will likely get you a more competitive interest rate but will set you back in your mortgage repayments.
  • Refinance your mortgage – reviewing your mortgage and securing a lower interest rate can save you thousands of dollars which can instead go towards renovations.

 How our team of loan specialists can help you

If you are thinking of renovesting then talk to one of our team today to work out which finance option is right for you.

Written by

Stephen Bonfield, the Managing Director, previously worked for one of Australia’s major home loan companies as an independent mortgage broker. Steve used this experience to set up his own mortgage broking company - a company that places customer needs at the forefront.

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