Reno loans - suggestions

[Pandabites]

Am looking for suggestions from this fine forum....would like to reno a few of my properties (cosmetic renos, redoing bathroom/kitchen to bring them into this age) but would like to preserve the equity I have for upcoming purchases rather than use it for the renos.

Any suggestions as to a reno loan? Is there such a thing (possibly fall under the category of construction loan?) And if you have used one/know of them out there, any advice as to possible lenders to approach?

Thanks in advance

 

[Terry_w]

Related party loans could be an option

 

[Corey Batt]

• Unsecured personal loan
• Equity Access
• 'construction' loan against security with valuation - can be worth it if substantial reno inc extensions etc
• Private loan (family etc)

This is pretty much your options. If you're going to reno the IP's, if done right this will generate more value than input so you won't erode your accessible equity position for further purchases.

 

[albanga]

Corey hit the nail on the head but if your renovating you should not be thinking about the loss of equity, you should be thinking about the gain of equity.

Just ensure you do not over capatalise. Meaning don't put a pool in a Hobart IP.

 

[Pandabites]

Thanks...appreciate the advice...