Getting a Home Loan in Australia if you're living overs...
29 Nov 2023
Accommodation options while renovating
There’s a lot of planning involved when you’re building a house or financing a major home renovation. You need to hire the right people including builders, tradies, and an architect. You may need to finance your renovation through a constructions loan. Lastly, you’ll need to find a temporary place to stay since your house is not a viable place to live during a renovation.
Building a new home or renovating your current house tends to create a lot of noise, not to mention mess! There also may be no electricity and water in your house which is why moving to a temporary location sounds like a good idea. Here are some of the short-term accommodation options that are worth considering while you are renovating:
Staying with relatives or with a good friend that lives close by your house is a good option. The cost of staying with them may be free but it will depend on them, and you will need to deal with living with someone else in the house.
There are hundreds or even thousands of Airbnb residences in cities worldwide, so you won’t find a hard time searching for a place near your home while you are renovating. Airbnb is a great option since you are not committed to a lease and it’s cheaper than a hotel in many cases.
This is good news if you already own a caravan. If you don’t you can rent one out. Caravans will give you the ability to stay close to your renovation project. You can park it in your garage or in your backyard. However, you will need to put up with the noise and mess of the construction. If parking on your property is not an option, you may choose to park in your relative's or friend's house if it’s okay with them.
House sitting is usually free of charge, but you will need to take care of the pets or the plants while the homeowner is away. The duration of your stay will not depend on you but the homeowner, so it’s best to coordinate with them regarding the time frame of your stay.
While your new house is being renovated or built, a temporary rental apartment is another option for you. There are apartments that offer short-term stays with no lease commitment. They usually charge per night or per week, so you will need to include this in your home renovation budget.
Also, don’t forget to consider where you’re going to store your belongings while the house takes shape. You can store them in a self-storage unit, in your garage, or in a safe empty space in your house.
Deciding whether you should stay or move out during your renovation project will depend on you, your family, the timeline and your budget. Are you starting a home renovation soon? You can check out our construction loan products to get you started building or renovating your dream home today!
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