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

Amy MacIver talks to Ooba Home Loans Regional Sales Manager Justin Easthorpe about getting a home renovation loan.

While others may accentuate the less aesthetic nooks and crannies of your home, it often represents all of the most intimate moments of your life to you.

Then comes the time to move and as it enters the housing market comes the hard realization that your place may not be as wonderful as you thought.

If you’re considering putting your home on the market now or in the future, here’s how you can make your home stand out in a crowded market and get even more bang for your buck by getting your desired asking price.

Amy MacIver talks to Ooba Home Loans Regional Sales Manager Justin Easthorpe about getting a home renovation loan.

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

If you qualify for a home loan of more than R1 million and your current property is R800,000, you can go to the bank to access this money to improve your home.

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

However, if the property is still bank financed, an application should be made to assess whether the owner can afford the extra pressure on their pocket.

If the property is currently bonded, the application must go back to the bank, where the bond is held, to first identify if the owner can afford the increase.

Justin Easthorpe, Regional Sales Manager – Ooba Home Loans

Listen to the audio to learn more.


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