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Getting finance arranged in time is crucial. You want to have your finances ready for the start date and be able to pay all invoices in time to avoid delays. Regardless of your finance method, being prepared and having all your paperwork in place will minimise disruption and maximise project efficiency.

Here are 3 ways you can prepare:

If you are getting a construction loan or equity release you need to be talking with your bank or broker about what you need to do to be ready. Finance approval can take a while depending on your situation so it is best to start the conversation early and organise the necessary paperwork.


If you are going to be using savings for part or all of your renovation it is important you also have a contingency available in case anything unexpected comes up. A rule of thumb is to allow an extra 10% on your contract price for unexpected variations. Also, builders will want to know that you have the funds to complete the works and may request proof such as a letter from your banks.


If you are relying on selling some assets to fund the project you need to consider the time frame and allow for any possible delays in the sale process or settlement. Get advice from your accountant to ensure you have considered any payable taxes and fees and confirm your net revenue so you don’t come up short or run into a tax bill that you don’t have the funds to pay after your project.

“Beware of little expenses; a small leak will sink a great ship.” – Benjamin Franklin
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