With most people on their breaks and spending more time at home, summer can be a popular time of year for renovations. Though the sunny days and balmy nights have definitely arrived, there’s still time to improve your entertaining spaces. Here are a few renovation projects for you to plan:
Put in a swimming pool
When the scorching summer sun is beating down on you, there’s only thing for it: a dip in the pool. If your reno budget isn’t too tight, a swimming pool is just what the doctor ordered.
Whether you go for an infinity (and beyond!) pool or keep it simple with an above ground pool, splashing out on a backyard addition will pay off on those hot days.
Cool the home
Insulation keeps you warm in winter but it also keeps the home cool in summer, as well as helping to keep your energy bills down.
Installing high-quality ceiling, wall and underfloor insulation helps create a barrier against the summer heat. Up to 35% of heat gains are through the ceiling making it one of the most critical parts of the home to insulate.
Aside from insulation, installing ceiling fans or air conditioning is a must come the summer months.
Add a deck
Every great Australian home has a good outdoor deck. Come the warm summer months, it’s the place to entertain guests.
A great way to make your deck even better is to install fixed benches around the perimeter of the deck with the same material as your deck. Simply add cushions for outdoor seating when you host weekend lunches!
Upgrade the kitchen
They say change is as good as a holiday and having a brand new kitchen will make you feel like you’re still on one.
Renovating the kitchen in summer also gives you the excuse to embrace the warm weather and cook on the barbecue (or just not at all!) while your stove and oven are out of action.
But how to pay for all this?
Unless you’ve been disciplined with your savings over the years, you’ll need to think about how to finance your renovations.
If it’s a big project you’re tackling, tapping into the loan of your property can be a good option to finance the renovation. Many people withdraw equity for a renovation because they want to add value to their home. Equity is the difference between the value of your home and the amount you still owe on the mortgage, so hopefully you have enough equity built up in your home to finance the project.
Refinance your mortgage
Another way to fund your home renovations is by refinancing your mortgage. It’s a good idea to review your current home loan every few years and find a more competitive deal on the market. By refinancing your home loan with a lower interest rate, your monthly repayments decrease, saving money that you can put straight towards the renovations.
You may also want to take out a construction loan to fund the renovations. Construction loans allow you to draw down your loan in chunks or instalments to pay off each stage of the renovation.
The team at loans.com.au can help you determine if a construction loan is suitable for you.
Contact us today to get your home renovation started.