Construction Renovation

You love your home and it’s everything that you and your family could ever have wanted, and everyone has their own personal space. But, you need something more. You need a space in your home that’s just for you. Someplace where you and your buddies can get together for a weekend, and just enjoy a fun and rowdy weekend of food, drinks and most important of all lot’s sporting events! You need your own Media Room, so it’s time for that long overdue basement renovation.

One of the first things that you have to understand with any basement renovation or other home improvement project is that it is an investment in your home. Over time, it is going to add value to your home, so you have to make certain that it is done properly in order to protect your investment. So, you will want to plan out your basement renovation by speaking with a licensed contractor, maybe actually seeking out a contractor that specializes in this sort of renovation.

Okay, so you have an idea in your mind about the design of your media room, so now it’s time to take a few things into account with its actual construction. The amount of time it will take to complete this basement renovation depends on if the basement is finished or unfinished. If it is a finished basement, then the cost to renovate will be less costly because there will not be the need to do costly framing work. If on the other hand you are dealing with a basement that is unfinished, then the cost of this renovation will be more expensive and maybe effect the time line that you have decide upon to have the job completed.

After the basic framing for the renovation has been completed, this is the where you have to decide on the specific details for your media room. Make watching sports with your friends like going to a movie theatre with a media room that has a huge movie style viewing screen, add a popcorn and concession area for that true movie theatre experience, add some theatre seating if you like, or make it a bit more casual with some comfortable lounging furniture, and don’t forget to add surround sound stereo for that true movie theatre experience.

Some other things that will enhance your media room is the proper lighting for the room, painting the walls in soft, warm colors will create a certain mood to the room that may be more family friendly. Another option can be choosing a wood panel for the walls to add that man cave feel to the room.

When this basement renovation is completed, your media room should be that one area in your home where you just love to enjoy spending a lot of time in. It can also be a functional family living space that everyone can enjoy, and of course it’s going to add value to your home.

The burning question on the minds of many Australian homeowners is – will I “Renovate” or “Relocate”? So, if you are one of these home owners, you may have also realised that the high cost of purchasing a new home and selling your current home far outweighs the challenges of renovating your current home. However, you should only renovate if the renovations will:

>> Add value to your home

>> Result in an improved standard of living

>> Be used to perform emergency repairs or full home extensions

Do Lenders/Credit Providers impose Restrictions on the Type of Renovations?

Subject to their credit policies and lending guidelines, most lenders/credit providers will let you borrow the funds to improve the value of your home for any worthwhile purpose, such as if you need to:

>> Add another bedroom, or any other room

>> Renew/update your bathroom or kitchen

>> Add a pergola and outside recreational area

>> Install a swimming pool

>> Extend your garage from a single garage to a double

>> Construct a secondary dwelling on your existing property

>> Any other structural or non-structural construction

What Methods of Finance can I choose?

Here are some examples of the popular methods to ensure easy home renovation:

Home Equity Loan – This financing arrangement is perhaps the most common way for Australians to finance their home renovation projects. A home equity loan works where you borrow the money against the value of your home. To illustrate this I have provided the following example:

>> The example assumes your home is worth $700,000, and

>> Your mortgage loan is $300,000

From the example illustrated above, you will have $400,000 equity in your home, which you can use to fund your renovation project.

The recent rise in-house prices has resulted in many Australian homeowners having acquired considerable equity in their property, this can make getting a home renovation loan easier for these people and reduces their need to dig into their own cash reserves.

Personal Loan – This financing arrangement is a suitable option for you to consider if:

>> You do not have any equity available in your home, or

>> You only have to complete some minor renovations

By choosing a short-term personal loan, you will find that:

1. The personal loan interest rate is much higher than a home equity loan, and

2. You may be limited to the amount you can borrow (e.g. from $5,000 to $50,000)

Construction Loan – This financing arrangement is available for you to complete large-scale renovation projects that require council approval and the services of a licensed builder. The lender/credit provider will impose the following restrictions when they are considering a construction loan for home renovation:

>> The lender/credit provider will not fund the full loan amount upfront to you

>> The lender/credit provider will release the money to you only in stages as the renovation progresses

Can I afford to Re-build my Home if it was destroyed?

You should already have normal home and building insurance in place, but you need to increase your building insurance to cover the costs associated with your home renovation project. So, if you cannot afford to rebuild your home if it were destroyed by damage from fire, or from any other natural disasters, you should ask yourself the following questions:

>> Do you have building insurance?

>> If you have building insurance in place:

1. Is the amount of insurance cover adequate?

2. What does your building insurance plan cover?

3. Does your insurance plan include Total Replacement cover or Sum Insured cover?

Don’t Delay and Take Action Straight Away

So, if you are thinking of renovating your home without any stress, you should seek advice from a professionally qualified and expert home finance broker who is a specialist in home renovation loans and, has helped numerous home owners when they had considered renovating their property.

He/she can arrange finance for your renovation project. A loan broker will provide you with a wide range of finance options and products after creating a budget for you. But, remember that you should be clear about your future plans as it will help you in choosing the right finance option.

Now that you have read this article, I sincerely hope it will help you to understand the easy ways of renovating your home with a professionally qualified and specialised finance broker.

If you are having a home built or are building one for someone else, you can get financing for:

• Custom home, cottage, or vacation house construction
• Land and infill lot development
• Construction and building projects of all sizes
• Demolitions, reconstructions, and rebuilds
• Stand alone property development

The specialized mortgage consultants at private firms know where to look to get you the rates you want, the flexible terms you need, and a mortgage or loan that is tailored to your needs and budget.

Financing Options for Commercial Builders

Financing the construction or renovation of a commercial or residential property that will be resold when completed is more difficult than finding loans for other types of property acquisitions. And commercial builders need quite a bit more capital at their disposal to ensure the entire construction process is completed on time and professionally.

If you are working on residential or commercial construction and remodeling, you can obtain first and second mortgages for your building projects through independent firms, and can find loans to cover 95% of the construction costs. You could even qualify for financing for projects that cost as much as $25 million.

Be sure to look for brokerage firms that can offer you:

• Complimentary consultations
• Free application reviews
• Feedback within 24 hours of applying
• Accredited mortgage professionals with training and experience in construction and project financing

Self-Build Mortgages for Your Home Construction Needs

Having your home built for you is a great way to ensure that you and your family will have all your housing and property needs met. But obtaining a mortgage for this is a little more complicated, so be sure to seek out private brokers that have experience with self-build mortgages.

Generally, you will have two types of financing options: completion and progress draw mortgages. Whereas a completion mortgage grants you money upon project completion, a progress draw loan allots you money throughout the various stages of the building process.

Look for lenders that can offer benefits and choices like:

• Interest-only payments required throughout construction
• Flexible amortization periods
• Loans and mortgages worth 95% of the home or land value
• Self-build financing

The accredited professionals at private firms often have experience with financing for construction projects, so you can get the loans you need and advice about:

• What to look for in a contractor or builder
• Things to look for when purchasing a new home
• Warrantees and guarantees
• Reviewing and altering construction plans
• Cost estimates
• Insurance

Make sure you find a mortgage broker that can offer you more than just great rates: also look for flexible terms and specialized mortgage professionals who will be able to help you through the construction process.

If you are planning to start some changes in your home, then you should not think that it is a major project that requires major expenses. There are possible ways by which you can change the look of your house. One way is to change entrance doors. If you think that is quite a huge task, then take a look at the pointers below to see how replacing the entrance door can create big and positive changes in your home.

Major Construction Work is Not Needed

If you are hesitant to start a big renovation project because you do not have the time, the budget or even the mood to start the banging in the house, then you can start with easy remodeling changes. With new entrance doors to your home, you can create big changes without the unnecessary construction work. If your home entrance is in standard size, then you can even let go of taking measurements and difficult fittings. There are now shops which sell ready to install doors. These ready-made doors can be made of any material – wood, fiberglass, hard plastic or even steel – and can come in various styles and finishes. If you want a more personalized door then you can always have one custom-made. Rest assured that getting high quality doors nowadays are free of noisy and messy construction work.

Huge Expenses are not Always Associated with The Door Changes

Money is always a big issue when it comes to home renovation or home shopping. When planning to change entrance doors, however, you are not required to spend as much as before. With the door manufacturing business competition going up, you can be assured that you will be able to find the perfect door that suits your budget.

Choosing the Right Entrance Door for Your Home is Actually Fun

If you think entrance doors are boring and dull, think again. Long gone are the days when shopping items for the home is boring. Now, the game is more exciting because of the wider choices a homeowner has. You can choose from entrance doors made of PVC, fiberglass or of traditional wood. You can choose from literally hundreds of colors and shades. You can choose from all kinds of finishes. You can even choose various door security and lighting systems that come with the door you want. Another thing that makes this thing exciting is because of technology. Nowadays, you no longer need to hop from one hardware store to another. You can browse hundreds of entrance doors models online or have a team of custom door makers go to you.

Impress Guests and Neighbors with the Added Personality to your Home

If you think your home lacks personality then you can solve this problem immediately by changing your entrance doors. A worn out entrance door can ruin your home’s value as well as pose danger for those who reside within. A door that does not fit your home’s general theme can also add problems. To solve these issues, what you have to do is to go door shopping so your home can have the needed face lift without much effort and expense.