Bathroom bliss: how to pay for those renovations
With yet another RBA interest rate rise to contend with, it’s looking less and less likely that you can move up to a luxury home with the lot - including a beautiful bathroom and ensuite.
Short of moving house, the best way to deal with that dark, dingy, mouldy bathroom with its mis-matching fittings and decor is to renovate it. That way, you get to redesign the room to exactly the way you want.
It could be that your dream bathroom is the all-time classic, with clawfoot bath, gilt edge mirrors and gold taps. You might prefer the contemporary look of walk-in shower, frameless glass screen, ultra modern vanity surrounded by dramatic black marble. Or you could go for a theme such as a beach bathroom. Big windows, palm trees outside looking in, porthole-shaped mirrors, distressed blue cabinets and lots of driftwood decorations will remind you of Hawaii every time to enter the room.
Before you get too carried away, it’s best to work out either how much it will cost to turn your bathroom dreams into reality or how much you have available to spend. In the case of the latter, once you have a set dollar figure in mind, you can tailor your bathroom renovations to suit.
There will be a significant difference in the costs of simply remodelling a bathroom, compared to renovating where structural work such as walls and windows need to be removed, Some bathroom companies give you an idea of costs when you contact them online and this may be helpful when looking at your budget.
Not many of us have this kind of cash hanging round so you need to determine the best way to finance your dream bathroom. If you have been paying off your home loan diligently over the years and built up equity, you could think about redrawing the amount needed to renovate the bathroom. Most variable home loans have redraw facilities and this is a good way to access funds at a low interest rate. Spending the money on renovations should also add value to the home.
If you would prefer to leave the home loan untouched, you can always take out a personal loan. That way, you can pay off the new bathroom in set amounts to suit your budget. You can also make extra repayments to most personal loans without penalty if you decide to pay the loan off earlier.
How do I compare home loans and personal loans?
RateCity.com.au is the best website to shop for all home loans and personal loans, as well as most other financial products. At RateCity.com.au, you can use expert comparative data from CANNEX, Australia’s leading financial research and ratings firm. CANNEX has analysed and evaluated hundreds of financial products to award five stars to only the very best. The CANNEX star ratings go much further than just looking at interest rates. They also take into account important features so you can be confident you are getting the best product.
Use our easy search tools to compare home loans at RateCity.com.au.
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After you have decided on the best way to finance your new bathroom, you’re one big step closer to enjoying endless pampering in your own private day spa - at home.