Keeping your renovation project on track

17th December 2014

Author: Cath Owens

So, now that your spring cleaning is out of the way, you might be looking at the family home and noticing some sneaky flaws here and there. It can be as little as some peeling paint, or as drastic as a leaky roof or a need for more space.

Your next steps are justifiably to start planning how to restore your castle to its former glory, but before you reach for the paintbrush and the hammer and saw, you might want to consider some of the learnings of those that came before you.

Many a renovator has lost time and money because they forged ahead without proper thought and planning, so we’ve put together a few do’s and don’ts to keep your reno on track.

Get your finance right

Many would-be renovators simply under-estimate the cost of their job, and find themselves having to cut corners when they can’t access further funds to have their work finished.

Make sure you speak to an expert about getting pre-approved for access to extra funds if and when they’re needed, and you won’t have to make such compromises. 

Stick to your budget, and timeline

The average Aussie renovation ends up blowing the budget by nearly $3,000. Think about that for a second. Unless you have a spare few grand tucked away, let this number ring in your mind. Unexpected labour and materials costs need to be included in your budget as a contingency, and you should also be generous when estimating the timeline for your job to be completed.

Being aware of project creep factors such as these from the get-go can save you some shocks down the line.

Expect the unexpected

When your job encounters hiccups that no-one could have seen coming, it can easily grind to a halt. Not having the right back-up options in place may mean your reno remains one of the great unfinished wonders of the world.

So it’s important to know that you’ve got options. If a quick injection of cash to get the right equipment or hands on deck is necessary, you may be able to redraw on your home loan, or apply for a low-rate credit card to get you out of a jam.

By considering these factors, you give yourself the best chance possible of finishing your renovations on time and on budget, so you can kick back and enjoy the fruits of your labour.

If you’d like to speak to a Greater Home Loans expert about Renovation Finance, why not make a home loan enquiry today?

Don't forget to check out our full Greater guide to renovating here.

And if you’d like to apply for a Greater Visa Credit Card, click here to get started.