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HOMES>Expert advice>Spare Change

Spare Change

Posted: 2 years ago by Michelle Hutchison, RateCity Consumer Advocate
0 comments
Rated: |

Solo renovators

Woman renovating
Photography Getty Images.

Hearing of a friend's recent triumphant attempt to assemble a new TV unit - all on her own - got me thinking about the challenges that some single people face when it comes to DIY renovations and how to overcome them. Here's what I've found by scouring the net and picking the brains of those in the know.


Unless you have access to a couple of strapping assistants, solo renovating can present a number of logistical dilemmas, not least of which is moving heavy items!


Show me the money

But another big dilemma some singles face is how to come up with renovation finances on one income. I typically advocate that the best way to pay for any home modification is to save, save, save! There are some great high-interest savings accounts out there that will make the job easier.


Take for instance UBank's USaver which pays a rate of 6.51 percent when you deposit at least $200 per month, or ANZ's Online Saver which pays 6.25 percent when the account is opened online. Use RateCity's new savings account calculator to see how quickly your spare cash can grow into significant savings!


If you're on a deadline and need ready access to funds, other viable options exist including personal loans or low-rate credit cards to cover the upfront costs of renovating. Alternatively, redrawing available funds from your mortgage can be a cost-effective option too for those with a reliable income source. Make sure you first calculate the total costs of borrowing money so you know exactly what you're getting yourself in for.


Muscle and skill

As for the hands-on stuff if you're lacking the necessary time, skill or inclination to DIY, then DIWT - that is do-it-with-tradies! Or simply hire a builder.


If this sounds like you then there're still lots of ways you can be hands-on with your renovations including planning, budgeting and co-ordinating works, to name a few.

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