Have you been considering a renovation on your home or investment property? The Australian renovation market nowadays is experiencing a surge. Dwelling prices have risen and remained strong throughout most capital cities for a while now, so we believe that is the reason for the recent turn around. People are feeling more confident about the value of their properties and want to invest in improving the value further.
There are a number of factors driving growth in renovations. A lot of action in the housing sector means more people are buying, and usually want to consolidate their investment, therefore they renovate. We are also seeing demographics such as baby-boomers and young families ‘right sizing’ their existing property to suit their lifestyles and needs because transaction costs on buying and selling of the property and house prices make renovating a better option.
Many people are contemplating that even if they sell their current home for a healthy capital gain, they still need to buy a new residence which will probably be more expensive and potentially in a worse location, so it makes sense to ‘right size’ their current property instead.
Due to scarcity of land particularly in urban areas, renovation of existing houses nowadays is becoming more and more important. Renovations and extensions of existing houses as well as attic conversions are a good alternative to knockdown and rebuild new houses. Renovations help us to create more space, reduce energy consumption while bringing the existing house up to the latest technical standards.
Renovation not only adds quality of life in the house itself but also enhances the value of your property and extends its lifespan. Renovation brings long-term savings through reduced energy consumption thus lower utility bills and lower maintenance costs in the future.
There has never been a better time than now to remodel your home, so get inspired and take the plunge!
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