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    Default How to afford renovations

    Hi I would love some advice on affording renovations. My Dp was recently made redundant and the job he will be going to next is a huge loss of wages each month. Money is very tight and we have repairs to our pool that needs doing and other things. We have thought of selling but with the current market we probably wouldn't even break even.

    My question is how do you afford renovations? Right now home ownership is a swear word in this house

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    Wait till your DP has been in his job for 3-6 months, refinance and use the equity in the house to renovate?

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    We refinanced and got enough money to get a load of rennos done.

    My DP is also super handy and we do a lot of the work ourselves.

    You also have to keep your expectations in check. Whilst we redo the house we want a quality job but we can't expect to make things look like it's come from a show home.

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    Hi Bec

    Can I ask how long you were in your home before you refinanced? Did it increase your payments by much?

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    We've spent about 100K on renovating our house over the last 4 years and have had to save, save, save the whole lot. We hate debt, so loaning more from the bank wasn't an option. Aside from a couple of fairly major jobs like re-strumping and taking walls out we have done everthing ourselves, which has saved us a bundle.

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    Quote Originally Posted by Jax Tellers Old Lady View Post
    Hi Bec

    Can I ask how long you were in your home before you refinanced? Did it increase your payments by much?
    We were in our house for 5 years before we refinanced. The repayments are actually a little bit less now but the term has restarted. When we bought our home we specifically looked for a house that had lots of room for capital growth. We got a 110% mortgage on teh value of the house (my parents guaranteed the loan) so we had some money to invest in teh house as soon as we bought it (it was "rennovators' delight" BLEGH!!). The first things we did was to generally tidy the house (paint, new curtains, blinds etc), take an inside wall out and put a new kitchen in so we were almost immediately had some equity in the house. There is still a LOT to be done and parts of the house are still feral 6 years later.

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    Thanks alot for the info Bec, we have some equity at the moment but dont want to use it just yet. Might have to put the renos off for a year and see where we stand there. All replies have been a great help.


 

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