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Looking to sell? Here's how you can borrow money to build or renovate your home

30 June 2022 7:16 PM
Tags:
Home renovations
Building loan

Amy Maciver speaks to regional sales manager for Ooba Home Loans, Justin Easthorpe, on how to go about getting a renovation loan for your property.

While others may highlight the not so aesthetically pleasing nooks and crannies of your home, it often represents to you all of the most intimate moments of your life.

Then comes the time to move and as it enters the housing market, the stark realisation arrives that your place might not be as wonderful as you thought it to be.

If you are considering putting your house on the market either now or at a later stage, here’s how you can make your home stand out in a crowded market and still get more bang for your buck getting their desired asking price.

Amy Maciver speaks to regional sales manager for Ooba Home Loans, Justin Easthorpe, on how to go about getting a renovation loan for your property.

Easthorpe explains that there are many ways to finance a home renovation.

If you qualify for a home loan of over R1 million and your current property is R800,000 you can approach the bank to access that money for a home improvements.

You can also take out a building loan from the bank directly, he adds.

However, if the property is still financed by the bank, an application has to be processed to assess if the home owner can afford the extra strain on their pocket.

If the property is currently bonded, the application has to go back to the bank, where the bond is held at, for them to firstly identify whether the home owner can afford the increase.

Justin Easthorpe, Regional sales manager - Ooba Home Loans

Listen to the audio for more.




30 June 2022 7:16 PM
Tags:
Home renovations
Building loan

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