To renovate or buy: that is often the question; especially in competitive property markets like Sydney.
It’s not uncommon for people to buy real estate knowing all along that it’s a bit of a “fixer-upper.” When you purchase a place that’s in need of some repairs, it usually means you’re getting a bargain, and you can always go back and invest more money later into improving it. When you do, the value of the home naturally increases.
Of course, when you perform renovations, you’re doing more than just adding value in terms of dollars and cents. You’re also boosting your quality of life. Each day that you live in a new and improved place should be a happier day. That’s the beauty of investing in a renovation project— you’re making significant gains both financially and emotionally.
Australians are pursuing better lifestyles
Once you’ve bought a home and begun making mortgage repayments on it, you want to make yourself comfortable — and often, that means making some improvements to the place.
This has become a fairly popular option for Australians.
According to the Australian Bureau of Statistics, there was $26.7 million spent on building activity during the fourth quarter of 2016, and of that sum, $2.2 million was allocated for alterations and additions to existing residential buildings.
It’s not hard to see why. Renovations can not only add to the value of your property, they can also improve your lifestyle from day to day.
Getting a good deal on renovation projects
The beauty of renovating your home is you don’t have to spend a lot of money to make a significant upgrade — especially when compared to buying another property and moving costs.
Consumer Affairs Victoria noted that a number of the most common improvements people make to their homes can be completed for under $5,000. These upgrades include newly tiled floors, painted walls, improved electrical work and new external fixtures such as awnings and balustrades.
Of course, even $5,000 isn’t exactly cheap, and you may still need help financing a renovation project. This is why it pays to speak to us.
We’ ll get you started
We have access to a wide range of lenders who can help you with getting the financing help you need. You may want to take out new loans, or alternatively, you could be able to borrow extra funds on your existing home loan.
Talk to us and get the scoop. We’ll be happy to assist you in improving your property value and your lifestyle!