Owning your own home comes with the exciting opportunity to increase its value, ultimately building wealth for your future. Recent spikes in house prices, with an average increase of around 21% nationally last year, have led to a surge in property values. By leveraging the equity in your mortgage, you can invest in enhancing your home and lifestyle.
Many homeowners are choosing to use their growing equity to upgrade their current homes, avoiding the hassle of house-hunting, auctions and additional expenses associated with buying new property. Renovations have become a popular choice with owners utilising their equity to create new spaces like building extensions, home offices and upgrading kitchens and bathrooms. Not only do these projects enhance your living experience, but they can also significantly increase the value of your property.
Before diving into a renovation project, it is important to ensure you have the right lending arrangement in place. You may need to apply for finance, and your lender will conduct a home valuation as part of the approval process. Working closely with your broker, we can streamline this process and help you navigate the complexities of applying for a new loan.
By strategically using your home equity for renovations, you can enhance your living space, increase your property value, and secure your brighter financial future.
This article is provided for general information only and does not take into account the specific needs, objectives or circumstances of the reader. Before acting on any information, you should consider whether it is appropriate for your personal circumstances, carry out your own research and seek professional advice.
