Do you have some home projects that you are about to start?
Summer is a great time to do projects around the house, whether that’s a little landscaping, splashing a bit of paint here and there, or some more major renovations. Whatever you’ve got planned for this summer you might find that your budget doesn’t quite stretch enough, and therefore you need to source some funds to do the work.
The obvious way to do this is to get a top-up on your home loan, but is that the best way to find your home projects?
What is Your Summer Project?
Summer is the ideal time to embark on exciting projects that breathe new life into your home and garden. The long, sunny days offer the perfect backdrop to unleash your creativity and make impactful changes. Whether you’re looking to enhance your home’s curb appeal or transform your outdoor space into a serene retreat, the possibilities are endless.
So, roll up your sleeves, gather your supplies, and let’s dive into some inspiring summer project ideas that will make your property the envy of the neighbourhood.
With a few well-chosen activities, your home can become a masterpiece of design and inspiration, capturing the essence of summer.
They don’t need to be large expensive projects either.
- A fresh coat of paint on your front door can instantly elevate your home’s entrance. Choose a bold colour that reflects your personality and complements your existing exterior.
- Consider upgrading your outdoor lighting. They illuminate your pathways and highlight architectural features, creating a warm and inviting atmosphere and enhancing your home.
- Inject some personality into your outdoor space with a colourful garden fence. It’s a project that requires minimal supplies but delivers maximum impact. A painted fence acts as a backdrop for your plants, highlighting their beauty and adding a touch of whimsy to your garden design.
- Inside your home, consider adding accent walls to transform rooms. A pop of colour in the kitchen or laundry room can completely change the atmosphere. It’s a quick, impactful summer project that allows you to express your unique style and make a statement.
What if the key to transforming your living space is only a paintbrush or a garden tool away?
Boost Your Home’s Energy Efficiency
Summer is the perfect time to focus on making your home more energy-efficient. With the right renovations, you can save money, reduce your carbon footprint, and enhance your comfort.
These improvements are not just practical; they’re also an investment in your home’s future.
Solar panels are a smart addition to any home. They provide a sustainable energy solution, harnessing the sun’s power to meet your electricity needs. Installing solar panels is a significant summer project, but the long-term advantages are substantial. With the right solar products you can reduce your reliance on traditional power sources and the ever increasing electricity costs.
There are a number of low cost Green Loan options for these types of home projects too.
Funding Options for Your Home Projects
There are a number of ways to fund those projects that you want to do around the home.
The main options that people think about for funding their home projects are getting a top-up on the home loan or getting a smart personal loan.
Depending on what the purpose of the money is, you may even be able to get one of the Green Home Loans, which helps fund things that make your house more green, like insulation, heating or solar.
The Green Home Loans are actually very cost effective, but they’re also very limited in what you can use them for.
You may find that the home loan top-up is a blend, with some under the standard criteria and the balance under the Green Home Loan criteria.
Review Your Home Loan Properly
If you’re doing a top-up on your home loan, it’s also a great opportunity to review how you’ve got your loan structured, and if you’re actually with the right bank for your home loan.
You may be with a bank that is giving okay interest rates, but the flexibility to pay your home loan off faster may be quite limited. That’s often the case as many banks we see are very limited in what they offer.
As mortgage advisers we like to help explain what the various banks offer to make sure that you can make the right decisions. If you are with the best bank then we will tell you that, and then also make sure that you know the features of that banks loans. If you could do better by refinancing then we will tell you that too – but ultimately it’s still your decision to switch banks or to stay where you are.
What About Cash Contributions?
If you’re switching your home loan, you may also be eligible for a cash contribution, which is always nice to receive.
It should not be the main reason for refinancing your mortgage, but if you get a better home loan and some cash then we would call that a win win. It certainly doesn’t do any harm to have a little bit more cash given to you from the bank!
Sometimes getting a top-up on your home loan is not the best option, especially if the equity you have in your home is under 20 percent. Even though the renovations you’re going to do will add value, the value isn’t there until the job is complete. Sometimes it’s worth considering a personal loan for the renovations rather than a top-up on your home loan.
If you have plans for your home projects already and need the money soon, then it’s always good to get in early with these top-ups as the banks don’t always prioritise them.
Sometimes they can be easy to get approved quickly, and sometimes they can be difficult. Speak to your mortgage adviser early to ensure that you have the money there for when you need it. Of course, if you don’t use it all then you can always pay a lump sum back almost immediately.
All of these things can be discussed with a quick call to your mortgage adviser. As mortgage advisers we can also process these applications for your home projects, and to ensure the finance is done correctly and effectively, and that you get the ongoing monitoring we offer home loan clients.
