So what are some ways that you could spend the grant money to make it go further? Let’s take a look at these 4 starting points which can help to get you started!
1 | Spruce up the bathroom
Renovating to add value is always a good idea! A good start is to look at the most-used areas of your home such as the bathroom. When looking to renovate or build a new bathroom, consider the fixtures, tiling, storage, underfloor heating, layout and so on. There is so much you can do in a bathroom to make it a space you can’t wait to kick back and relax in!
Just remember, it’s important not to overcapitalise, but if you don’t plan on selling anytime soon it may not be an issue for you.
2 | Cook away in a new kitchen
A brand new kitchen can change your day to day living dramatically. If you’re looking to update the fit-out of your existing kitchen consider installing modern bench tops and top-of-the-line appliances. If you’re installing a new kitchen, take the time to plan ahead and consider how you want to use the space and what layout you need.
Lastly, look to invest in high-quality fixtures and finishes wherever you can, it will add a touch of class that will still be apparent later down the track when it comes time to sell.
3 | Knock down the walls and open it up
The open floor concept is becoming increasingly popular. By knocking down a wall (or a few walls!) it can create a more open floor plan and improve the flow of your home.
But don’t start swinging the sledgehammer just yet! It’s important to get advice from the experts, they can let you know if the wall is structural and load-bearing, if there is asbestos present and if there is gas and electricity running throughout.
4 | Engage the professionals
Whether it’s a new build or a renovation - do your research on the possible builders, designers and architects you want to work with. Choose professionals with plenty of experience and knowledge about the type of project you want to undertake.
The value of your home matters
The HomeBuilder eligibility criteria isn’t overly restrictive if you’re building or renovating outside of the most affluent areas of major cities as the total value of your existing house and land must not exceed $1.5 million. This means plenty of Australians will be able to take advantage of HomeBuilder. Renovators, you need to make sure you’re not earning more than the cut-off ($125,000 for singles; $200,000 for couples).
So where are the most owner-occupied dwellings below $1.5 million you ask? To get an idea, CoreLogic’s has crunched the numbers and listed here the suburbs that have the most owner-occupied properties under $1.5 million.
Here to help
While $25,000 is a lot of money on its own, it can get eaten up quickly! If extra funds are required to contribute to your renovation plans, depending on your situation, some options to consider could be a personal loan or even refinancing your existing loan to get cash out (you may even get a cheaper rate). If you're thinking of applying for a construction loan, we can also help you with this process.
No matter whether you choose to build or renovate, the way you will fund the project is central to a good result. Your local Mortgage Choice broker can provide tailored, expert advice on the range of funding choices available to you.