With Surf Coast development at an all-time high, we talk to local real estate, building and finance experts for their views on avoiding common traps.
PINTREST and Instagram have fuelled our ability to get swept away with emotion and inspiration when it comes to building a new home or renovating.
But the stakes are high, and Lanie Conquest from Surfcoast Life and Lending says that good financial decision making will ensure your investment doesn’t leave you with bad, unrecoverable debt.
“Despite rising land prices right now, there is always a danger that home owners can be left to fund properties that are worth less than what has been outlaid,” Ms Conquest said.
“Unless you’re in the game yourself, spend money wisely on good strategic building advice.
“When engaging designers, building companies, architects and even landscape gardeners, make your return on investment their mandate.
“And use a future buyer mindset yourself when making decisions throughout your project.”
Real estate guru Lynne Hayden from Links Property says to “budget for your wow”.
“Getting this balancing act right will ensure your property value is greater than simply land and build,” Ms Hayden said.
“Creating uniqueness that is tasteful and appealing allows buyers to fall in love.
“Only then can you expect a selling result greater than the basic maths.”
Torquay Select Homes’ Noel McAsey suggests allowing for variations when building a new home or renovating.
“When applying for finance, most peopleremember to budget for furnishings and landscaping, but it is also important to include provisions for changes.”
Ms Conquest explains that almost all construction projects will require a fixed-price contract that the bank controls.
“As the project comes to life, and unknowns become more evident, flexibility that the bank simply doesn’t allow for will be required.
“Don’t compromise your outcome, ensure you have wriggle room to fund everything you need to finish your project in the manner you’d like.”
For more information on financial solutions, phone Lanie from Surfcoast Life and Lending on 0418 938 646.