Kickstarting your home renovation project

an image of 3 cans of paint in 3 different colours


Starting a renovation project can be a rewarding exercise as it can improve the quality of your day-to-day life and help increase the value of your home.

Whether you’re thinking of renovation to simply fix something that is broken or maybe to develop your sense of DIY-mastery, seeing a renovation project through to completion will give you a real sense of personal achievement. 

Here we’ve tackled the three most common questions home renovators ask themselves before starting out:

1. Where do I start?
The first thing you need to do is decide on the scope of your renovation. For instance, are you thinking of tearing down a wall? If so - will it require an expensive electrical work or plumbing to complete it? How long will the whole project take, and are you comfortable with that time period?

Next, think about what future buyers might like and what will increase the value of your home (in case you want to sell later on). Talk to real estate agents and do your research about what’s popular in the local area – for example; a renovated outdoor area might worth more in a suburb that’s popular with families.

Internal renovations like a kitchen or bedroom may not need a council approval, but strict rules and regulations often apply to outdoor projects like a deck or extension so get all the necessary council approvals before you begin. 

2. How do I budget?
After thinking about the scope, write a list of everything you think you’ll need - big and small. As a general rule, interior design expert from Hotspace consultants suggest that you should start with a complete renovation budget – as if you were doing the whole house up - that sets your total numbers at 8-10% on the median range of a house in your area and adjust according to the desirability of your suburb.  

Factor in all the tools that you may need like drills and sanders and consider big-ticket items like cabinets, benchtops and kickboards, to name a few. Research the prices of every thing you will need and then include these in your total budget.

Next is to get quotes from tradespeople which should include a breakdown of labour and materials. Being sure to consult a few so you get an idea of what’s reasonable and what you might be able to save by buying some of the materials yourself. 

Finally, add a buffer onto your budget for anything unexpected. DIY project costs can often blow out, so it’s good to be prepared. Follow this easy 5-step process to work out your renovation budget.

3. Can I borrow money for home improvements?
There are good options available when it comes to financing home renovations:

  • You can apply for a personal loan to get your projects underway but get professional advice to make sure that this is the best financing option for you to achieve your goals. Ask your Lender these 5 essential questions before you decide to apply for the loan
  • Refinancing is also an option If you have enough equity in your home. It’s good to get a valuation every so often to find out how much equity you have, and use that money to fund improvements that are likely to give you a strong capital gain.

Renovations aren’t always easy – they take a lot of planning and thought, but they can be exciting and come with the possibility of great rewards – emotional or financial. If you need help with your renovation project, Pepper Money personal loans could be an option. Our loan amounts start from $5,000, which can be a good start to help boost your existing renovation budget.

When you’re ready to embark on that home improvement project, apply online and get a decision within minutes or get in touch with one of our Lending Specialists on 1300 659 430 to discuss your financing options.

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