How To Finance Your Renovation Project

How To Finance Your Renovation Project
Renovating your home not only increases the selling value but also improves the quality of your life by transforming the property into your dream home. According to the Westpac NZ Construction Lending Specialist Francis Reade the most popular reasons for renovation include: – Cosmetic tidy ups before selling – Sprucing up the garden – Upgrading the kitchen – Building an extension for a growing family – Building an outdoor living area for entertaining – Adding an extra room for a home business – Building a minor dwelling to rent it out There are several ways to finance your home or investment property renovation without breaking your bank account: A Home Equity Line of Credit If you have enough equity in your home (for example if you house is worth $1 million and your mortgage is $400,000) the bank would give you an overdraft-type of facility that has a mortgage interest rate and you spend it when you want to, providing there is no major structural alterations to the existing home.   A Home Equity or Home Improvement Loan If you don’t have a lot of equity the bank would let you know the pre-approval amount they are willing to lend. The bank would control the loan. The customer would send the bank a copy of the contract and invoices for the renovation and the bank would approve the loan and pay the invoice directly to the contractor when required. Banks usually allow the owner to borrow up to 70 per cent of the property value. Renovation loans can cover a wide range of home improvements including driveways, extensions, landscaping, basic spruce ups like painting and floor coverings, swimming pools and more.   Apply for a...

Short Guide to Planning Your Home Renovation Project Today

Short Guide to Planning Your Home Renovation Project Today
There are plenty of reasons why homeowners want to renovate their properties. Some want to create a comfier place to raise their family or avoid moving to a new place. Others aim to bump up the property’s market value. Regardless of the reason behind the project, it’s definitely handy to plan things ahead. With a comprehensive plan, you can avoid spending more than you intend to. Also, you can finish the project on time. Are you thinking of getting some projects done before the year ends? Whether you’re looking to build an extension or revamp one or more rooms, having a detailed renovation plan can help you save money and manage your project schedule better. Check out the short guide below so you can jumpstart your project. Defining the scope of your project Before you can set your budget or timeline, you need to define the specifications of your project. Start with narrowing down which parts of the house you need to work on. Are you planning on adding a new room from scratch?  Also, determine what sort of materials you prefer to use. Do you want something that’s budget-friendly? Are you leaning towards high-end upgrades like brass fittings and granite countertops?  By creating a detailed plan you can have an accurate cost estimate, determine if you need building consent, and find the right professionals.   Finding the right people to help you While it can be tempting to go for DIY renovations, it’s more practical to hire a professional. It will help you avoid wasting time and money on trial and errors and repairs.  When looking for a home...

Should You Engage A Builder Or An Architect When Renovating?

Should You Engage A Builder Or An Architect When Renovating?
With international travel of the cards, thousands of kiwis have decided to invest their travel savings elsewhere. Naturally, as we have spent more time at home, there’s the desire for home improvements and renovations, with updated bathrooms and kitchens, improved outdoor areas, or some extra room to move. Now is the perfect time to put that extra cash to good use and improve the value of your home. But before you commit, you need to know whether you should engage a builder or an architect. Let’s dive into the answer and find out what’s best for your renovation project.   Should You Engage A Builder Or An Architect When Renovating? What Do Architects Do? To help answer the question, it’s helpful to know exactly what an architect does. Architects have a considerable amount of education behind their degree, with at least five years of university study, and several years of practical work experience. To practice in NZ, they must be registered with the New Zealand Registered Architects Board (NZRAB) and meet the requirements of continuing professional development. Architects know their way around the Building Code and are experienced in a wide range of areas – from landscape design to structural engineering. There is a range of ways for an architect to be involved in a home renovation project. They can create a design that works for you and your family within the constraints of an existing house – and help you navigate building regulations. Beyond providing the blueprints, they can also help oversee the construction process to ensure the building is functional and aesthetically pleasing. Some architects may offer...

Builder vs. Architect: Who to Hire for a Major Renovation

Builder vs. Architect: Who to Hire for a Major Renovation
The home improvement market in New Zealand has grown quite massively in the last six months. That’s because people are investing their money into their homes. Instead of spending their saving on foreign travel, many Kiwis chose to upgrade their homes. House revamp, room extension, garage conversion, you name it. We have seen it all. Best of all, the growing popularity of home revamps projects in the country continues to pique the interest of many folks. In fact, we get a lot of questions from our readers and customers. One of the most common questions we encounter is who does a home renovation better, a builder, or an architect? To answer that question sufficiently, let’s take a closer look at each type of professional. Builders and Architects – Similarities and Differences Knowing who to choose between the two can make a lot of difference to your overall project costs and timeframe. A good point of comparison between the two would be their training and specialty. Architects are usually university-trained, and they mostly focus on the overall layout of a space. Their primary focus is to maximize the area by using customized designs or features. They also draft the blueprint that a builder uses as their guide during the project. Meanwhile, a home builder focuses on managing the project and carrying out the instructions on the blueprint. Many home builders started out as general contractors, but some opt to hone their skills further by completing training or apprenticeship. Another key difference between the two is their approach to doing a project. Typically, builders focus on practicality by finding ways they...

Ideas and Tips for Bathroom Renovations in Lower Hutt, Wellington

Ideas and Tips for Bathroom Renovations in Lower Hutt, Wellington
Thinking about renovating your bathroom in Lower Hutt Wellington, but not sure where and when you should start? You’re not alone. For a lot of homeowners, renovating one’s bathroom seems like a daunting project. There are always concerns about its practicality, benefits, and costs. You might be asking questions to yourself like ‘Is it worth it?’, ‘where do I even begin?’, or ‘how much will the project cost?’. Some also worry about how long a typical bathroom revamps lasts and how it would affect the household.     Good thing, bathroom renovations in Lower Hutt aren’t that hard to pull off. With a detailed plan and vision and the assistance of a bathroom renovation specialist, you’ll have a comfortable, functional, and posh space in no time. Below is a short list of tips and ideas to help you jumpstart your bathroom remodeling project.  Establish a concrete plan Before proceeding to any other task, it’s crucial for you to create a project plan first. Focus on the scope of the project. How much work do you need to be done to have your dream bathroom? What things do you need to replace? Do you want new fittings? Are you in dire need of hanging storage? Would you like to install a shower enclosure or bathtub? By having a tangible idea of how you want your bathroom to look like, you’ll know what to discuss with the renovators and they can provide you with a more accurate cost estimate. Learn everything you can about the space When devising your bathroom remodeling plan, it’s absolutely crucial to consider the room’s floor area and features....