Wondering if many property investors have performed this strategy before...
I am looking to re-finance my loan so I can renovate my initial IP and have been advised by the bank and broker that I can get a pre post renovation valuation done so therefore i'll be able to have access to more funds to perform the reno and then look to purchase my 2nd IP.
The bank needs to see a fixed price renovation quote which I am organising at the moment. This all sounds pretty good and is there anything I am missing that I should be wary of ?
I have a budget in mind so to not overspend on the reno so it should be pretty straight forward, pending what the valuation comes in at.
My place is a 1 bedroom unit in Freshwater (NSW) and tracking recent sales of similar properties in the area:
unrenovated is worth around $320-$325k
renovated is worth around $360 - $380k
I am looking to re-finance my loan so I can renovate my initial IP and have been advised by the bank and broker that I can get a pre post renovation valuation done so therefore i'll be able to have access to more funds to perform the reno and then look to purchase my 2nd IP.
The bank needs to see a fixed price renovation quote which I am organising at the moment. This all sounds pretty good and is there anything I am missing that I should be wary of ?
I have a budget in mind so to not overspend on the reno so it should be pretty straight forward, pending what the valuation comes in at.
My place is a 1 bedroom unit in Freshwater (NSW) and tracking recent sales of similar properties in the area:
unrenovated is worth around $320-$325k
renovated is worth around $360 - $380k