Hi everyone,
Looking at buying 1 bedroom house on 1200sqm block. House is established and will need full renovation. Looking at adding another 1 bedroom, redo kitchen, bathroom, and new living area. House price would be $130K as is. Can live in currently, just really old and need of serious update.
My question is can I get an investment loan to buy the house, then in a few months get a construction loan once I have plans and builders quote organised?
Hoping to rent out once construction completed.
Sorry if this is a stupid question, just not sure of the correct way to go about it and with seeking some advice before going to the bank/brokers.
Thanks for your help.
Luke
Looking at buying 1 bedroom house on 1200sqm block. House is established and will need full renovation. Looking at adding another 1 bedroom, redo kitchen, bathroom, and new living area. House price would be $130K as is. Can live in currently, just really old and need of serious update.
My question is can I get an investment loan to buy the house, then in a few months get a construction loan once I have plans and builders quote organised?
Hoping to rent out once construction completed.
Sorry if this is a stupid question, just not sure of the correct way to go about it and with seeking some advice before going to the bank/brokers.
Thanks for your help.
Luke