1. cash. 20% upon starting (deposit) and keep adding until 100% payment when works finish

2. Yes, as long as you servicing both loans have to pay both. Alternatively you can sell off your house and rent temporarily until your new house received

Renovation is always in cash, if you ask for advice, everyone will tell you not to borrow money for renovation unless it’s 0 interest. That’s why you see a lot houses renovate half way stop, because cash flow problem.

Currently renovating my house, expect to spend 300k but also based on all the peoples experience. Only very minimal of people manage to keep their renovation within initial budget.