First and foremost, renovations can make your home much more comfortable and enjoyable to live in and save you money in the long run. Upgrading key fixtures or fittings or redesigning rooms can help make your living space more functional as well as more aesthetically pleasing. In addition, upgrading your home’s insulation, windows, and doors can often improve energy efficiency, resulting in lower utility bills. This also doubles as a selling point if you decide to rent or sell your home. And of course, making repairs well before they get out of hand, can help prevent costly problems from arising down the line, saving potentially thousands in maintenance over time.

Most importantly renovations, if considered and executed well, can serve to significantly increase the value of your home. Whether you’re looking to rent or sell your property soon, or just want to ensure that it’s worth more in the future, investing in renovations can pay off massively. Many renters and buyers are willing to pay more for a home that’s been updated and well-maintained, so the cost of your renovations can be offset by the increased value of your property.

If you are looking to increase the overall value of your property, then kitchen and bathroom renovations often prove the most profitable when it comes to selling homes. Indeed, the market reflects this with kitchens and bathrooms listed as the top two most renovated rooms in Australia. However, homeowners can often feel restricted by the costs and inconvenience associated with these renovations. The cost of renovations rose significantly during Covid, and continued inflation means it is becoming more expensive than ever to renovate. For example, The Property Tribune reported that the average cost of a bathroom renovation in Australia was $17,522 last year. This is close to the average cost of a new bathroom in a brand-new home at $16,430!

It’s a big decision that many Australian homeowners are increasingly facing as we’ve seen record renovation spending in recent years. For some, your home just isn’t quite the way you want it to be. For others, it’s a strategic investment to increase the value of your property. And, sometimes, it's just necessary to maintain the bones of the house to keep it in good condition. In any case, this decision is not one that should be made lightly; it's important to get it right. This is where Inviva might be able to help.

According to a NAB survey, the desire to renovate is more strongly felt by older Australians. That’s why Inviva created Equity Empower – an innovative equity release mortgage designed to help over 55s unlock the equity tied up in their property to fund renovations and other key expenses. With a maximum loan amount of $2,000,000, a choice of drawdown options including lump sum, line of credit or a regular income payment, Equity Empower offers homeowners a unique opportunity to securely and flexibly raise the cash needed to finance renovations and future proof their homes.

For more information on Equity Empower, visit our product page.