Hi Guys,
Another one for the finance Brains Trust in here...
So we've settled just last week on a new (100yo!) property, wth the intenson of extending our loan to cover some much needed renos & extension. At original valuation, the property was valued at it's purchase price ($835k) & I'm hoping that once we submit DA approved plans & builders quote (approx. 100k) it will be revalued around $1 mill+
My question is, how is the best way to structure our submisson to the bank to maximise finance / minimise money out of our own pockets?
Also, if the builder will not actually be provding all of the items (we plan to paint, carpet, refinish floors ourselves, kitchen from IKEA, etc) however we still want funds to cover these items from the bank - -how do we provide everything in the 1 quote? Will the bank accept multiple quotes for the various works?
Thanks in advance for your thoughts.
Another one for the finance Brains Trust in here...
So we've settled just last week on a new (100yo!) property, wth the intenson of extending our loan to cover some much needed renos & extension. At original valuation, the property was valued at it's purchase price ($835k) & I'm hoping that once we submit DA approved plans & builders quote (approx. 100k) it will be revalued around $1 mill+
My question is, how is the best way to structure our submisson to the bank to maximise finance / minimise money out of our own pockets?
Also, if the builder will not actually be provding all of the items (we plan to paint, carpet, refinish floors ourselves, kitchen from IKEA, etc) however we still want funds to cover these items from the bank - -how do we provide everything in the 1 quote? Will the bank accept multiple quotes for the various works?
Thanks in advance for your thoughts.