Report Shows Home Renovations on the Rise
Home renovations are still seeing an upward tick in NSW despite rising trade costs. According to a new report, renovating your home is still a more budget friendly option than buying an entirely new one.
A report from Sydney Morning Herald claims that more NSW homeowners are expected to focus on renovations compared to buying new properties. It appears that the trend has always been on the horizon since the previous year.
If homeowners would do a cost-benefit analysis, they would find that a new home with features they want could cost hundreds of thousands more than just spending on renovating.
A number of homeowners in North Shore have attested to this thus the uptick in home renovations trend.
However, there are also some owners who find home renovations more expensive than ever before because of rising professional and trade costs.
Renovating Apartment Trends
The rise in apartment living is also relevant as strata bodies can influence the type of renovations that can be approved.
“By 2040 half of people in NSW will either be living or working in strata. It is important that we have modern laws that reflect 21st century strata living,” said Innovation and Better Regulation Minister Victor Dominello.
Dominello also said that the new law has been “long overdue.” Nonetheless, the official promised that they would “simplify the renovation process for homeowners” and provide “greater clarity on what constitutes a cosmetic, minor and major renovation,” when they commence in the second half of this year.
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