A guide to renovating

The reasons to renovate a home can range from adding to its resale value to simply wanting to enhance the quality of your home life.

If you’re tossing up whether to renovate or move house, bear in mind that buying a new property can be time-consuming and costly with stamp duty, legal and agency fees. Improving your home to suit your needs and lifestyle could be a much better option.

Before you start 

There are a few things you could look into before spending money on renovations:

• Find out if you’ll need council approval and, if so, how long the process will take
• Work out a budget, remembering to factor in the cost of possible fees for planning permits or building inspections
• Consider the style and values of other houses in your area to be sure your plans are not out of character or that you’re not over capitalising by spending more than the house will eventually be worth. Our free Property Value Guide can give you an idea of house prices in your area. You may also like to get an independent valuation before you start. 
  
  

Managing your renovations 

So you’re ready to organise your finance and get started. Here are a few tips to help your project go smoothly and stop your costs blowing out:

• Get written quotes from several tradespeople to help you choose the right ones. Once you have, ensure they are licensed to carry out the work you’re asking them to do and get signed contracts drawn up
• Shop around yourself for materials so you can get the best prices
• Think about possible disruptions to your home or lifestyle and consider the most cost-effective ways to deal with them
• Look into environmentally friendly and power-saving products and features to help make your home more ‘green’ and save you money in the long run

Download a comprehensive guide to managing your renovations.

Now you’ve done your research, you just need the funds. You can apply quickly and easily online, by calling 13 1431 or visiting any branch. If you’re an existing customer you could get instant approval and same-day funding^*.

 

 

• Important information
  *Apply before midday Monday to Friday, and if you’re approved, we’ll give you access to your loan that day. Unavailable for secured loans, when a guarantor is required, if an application is incomplete or needs to be referred for a more detailed review by a lending specialist and subject to system availability. Applications for finance are subject to the Bank's normal credit approval. Full terms and conditions will be included in our loan offer. Fees and charges are payable. Commonwealth Bank of Australia ABN 48 123 123 124