You may be considering renovating before selling, but don’t have the funds now. That’s ok because Wealth House has a renovate now pay later program that might solve your problem.

In this post, I’ll share more details about how the renovate now pay later program works to see if you’re a good fit.

What is the Renovate Now Pay Later program?

As the name suggests, this program allows homeowners to renovate now and pay later when they have the funds at settlement. I also use the term renovate now pay at settlement.

The idea is that if your home has the potential to add value, you will see an additional profit when it sells and receive that money at settlement.

However, many homeowners either don’t have the funds to renovate, are limited by what they have, or need to use the funds for the purchase of their next home.

When I put together my service, my aim was to remove all barriers sellers have to renovate before selling. The financial piece was a large part of it.

So whether you don’t have any funds or perhaps have some but your home has a greater potential (like say a second storey addition) to maximise your sale price, this program could be a huge benefit.

I also want to point out that unlike retail buy now pay later programs (Afterpay, Zip, etc.) there isn’t any interest. I’ll explain more below.

Who is eligible?

The same eligibility applies for any client of Wealth House – we need to be able to see an increase in your home’s value and return on investment of renovations. In short, there needs to be a profit.

There are also no limits. For example, perhaps your property may make a great candidate for a knock down rebuild, with a potential for a larger profit than a quick internal renovation. With private funding, we can figure out a way to make it happen.

How to apply

There is no application process. Simply schedule a consultation and we can discuss your interest in the renovate now pay later program at the consult.

In addition, when I prepare the proposal I’ll look at all potential opportunities for your property and present all options that will see a profit. Even if it’s something beyond your budget, we can discuss using the renovate now pay later program to make it happen.

Financial Details

As I mentioned, there is no interest. This is not a loan and Wealth House is not a lending company.

All invoices are paid as they are due on your behalf. Then you reimburse Wealth House in one lump sum at settlement (or early deposit release).

How Wealth House gets paid

With this program, I charge a profit share.

Basically, I charge a percentage of the net profit of the value I’ve increased in the home (minus the cost of renovations).

If that’s confusing, let me break it down in easy to understand numbers:

• Pre-sale renovation value is $1,000,000
• We spend $100,000 in renovations
• The home sells for $1,500,000
• We split the net profit of $400,000

The percentage is determined by the budget, amount of work/time required, and estimated profit.

Like the renovate now, pay later program, this fee is due at settlement.

That means that are no fees for the homeowner until settlement.

What if there is no profit in the sale?

Sometimes things happen. Perhaps unforeseen issues caused the renovation costs to go up or the home sells for less than we estimated.

If there’s no profit, then I don’t get paid.

That’s my performance guarantee – if you don’t make money, I don’t either.

The renovation costs are still due at settlement, but there are no additional fees due (unless specified in the agreement, like for reimbursement of property styling).

What if the home doesn’t sell?

First of all, every home sells for the right price. In the unlikely event that we can’t find a buyer after 6 months, I’ll ask to be paid the renovation costs + a project management fee for my time.

If payment is a concern, we can work out a payment plan or another solution. This should not hold you back from moving forward.

What if I have the funds and don’t want to use the Renovate Now, Pay Later program?

In that case, I can charge a fee that’s due in installments as we go along.

For payment of trades and supplies, we’ll do a mixture of the homeowner paying invoices directly and funds transferred to a retainer account (like for ordering through my trade accounts). This is what we did for the Sandringham pre-sale renovation and worked out well.

Start today

If the renovate now pay later program sounds like a good fit for you, the next step is to schedule a consultation.

I’ll take a look at your home to determine whether renovations will add value to your home.

Then I’ll put together a proposal with the budget, timeline, and my list of services.

Schedule a consultation today to start.