Taking Advantage of the Renovation Boom
Australia is now a haven for home renovations as the market is worth around $31.4 Billion.
“With new home building set to fall back over the coming years, there will be increased reliance on home renovations activity as a source of demand within the industry,” said Shane Garrett, Senior Economist at The Housing Industry Association via Thinking Australia.
Home renovations’ demand has a lot going for it at the moment: low interest rates, a strong pace of dwelling price growth in key areas and healthy labour market conditions in the larger cities.
The renovations market survey also indicates that the price of houses in Sydney and Melbourne is persuading homeowners previously considering moving house to instead embark on major renovation projects in their current homes.
“The turnover of existing homes also generates additional renovations demand. This is important because many renovation jobs are initiated by the new buyers of aging houses,” Garrett said.
For people who want to take advantage of the boom, it is best to understand how to renovate the properties properly.
Some of things you can do to encourage profit and salability of your property include:
- Improving your landscaping – add in fresh plants, take out tired bushes and replace them with new ones. A great gardener or landscaper can really help you transform your outdoor space
- Add external appeal – put in a new front door or get a local painter to help paint the house
- Add light by updating your lighting fixtures – a great way to add a feel of space and light without breaking as much bank. You will need an electrician to help with this.
- Think about a small or major renovations. Maybe it’s only a kitchen or bathroom renovation to enhance those rooms or add space. Take the time to speak to a local builder or interior designer about your options.
As for moving properties, make sure you are working with the right property professionals. A good real estate agent, conveyancer and mortgage broker among others should be able to help you find the right property to transfer into.
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