Argh so I thought I was decided that I wanted to build, but I've watched Reno shows again and now I'm not sure.
Since the birth of my daughter and number 2 on the way my priorities have changed. Yes I still want my 4x2 with atleast 2 living areas but honestly I don't want a huge mortgage.
I've seen a uk show called Double your house for half the money.
Basically people renovate their tiny place to be their dream home and spend a fraction of the cost to buy the dream home.
I believe that it's roughly 2k per m2 so I'm "budgeting" 40k for Reno. Plus an extra 20 k just in case.
We can buy basic 3x1 for mid 400's so at most so total outlay would be mid 500's for completely renovated 4x2 which in our suburb goes for 600+.
Just wondering if anyone has done this? Any hints and tips? What type of house do we look for? I'm looking at lowest brick as I feel that would be easiest to extend up and out.
We are aiming for a 20% deposit to avoid mortgage insurance. can we then " borrow" the equity from the home or do we need to then pay insurance?