The decision to renovate is a common sticking point for homeowners, who can spend hours weighing up the cost benefits.

Whether your motivation is to add value to your property or to add a touch of your personality to the home, renovations are expensive and debt often follows.

By working with us you will be able to find solutions that benefit your long-term goal, rather than hindering future plans.

While we can’t assist you with forecasts on future property values, we can help you reassess your current financial position, run through your plans and future payments, and decide if you can afford to take on more debt.

With us in your corner, the next step is to investigate how much you need to borrow. Work out the specifics of your renovation, what the average cost to renovate is in your area and how much you are eligible to borrow.

If renovations are likely to take over your living quarters you may need to also consider the additional cost of accommodation for the renovation period..  This is another cost to factor into your budget.

Once you decide to renovate, if you are trying to add value to a house to resell, it is important to look at the rooms and areas that will add the most value. These are average renovation prices, however prices will fluctuate based on the city and suburb.

The final hurdle to look at is the council fee. The council can charge you up to $2,000 for an application fee, although prices can vary. After speaking to us and finalizing the renovation, make sure you account for an extra 10 per cent in your funds, to cover any unexpected costs.

If after the assessment and investigation you decide to renovate, there are three types of loans to consider to help refinance and renovate your house: a line of credit loan, a construction loan or increasing your existing home loan.