There are many reasons why you should consider making a start on home renovations in 2020, and surprise – being stuck inside more isn’t the only one.
Much like the rest of the world, Australians have recently found themselves spending more time at home than ever before. While some practice baking and learn yoga, others have wholeheartedly embraced the downtime as an excuse to spruce up their abode. Many Aussies have used isolation measures to spend more time in their gardens, retiling their bathrooms and even add in that long anticipated feature wall – you’ve no doubt seen the lines at Bunnings, so you know what we’re talking about.
However, there’s also just as many Australians nervously withholding their cash from any significant investment, including their homes. Times are tough – unemployment and underemployment levels are rising, and sudden lockdowns and border closures have taken their toll. With many of us anxious about what the future may hold financially, should you really be thinking about home renovations in 2020?
By definition, the term “renovation” is the art of restoring and refurbishing an existing structure or interior – either way, you’re improving a space. While your financial position may determine whether renovating a good idea, there are benefits to think about if you’re considering giving your home a facelift this year.
Boost Your Home’s Value
Even if selling your home in the near future isn’t on the cards, the smallest of tweaks (especially in the structure, bathroom or kitchen) will modernize your home for many years to come. Outdated designs and furnishings are something that will knock the dollars off any contract of sale, as it’s an additional cost that any potential buyer would need to factor into a property purchase. In this context, home renovations are considered to be an investment.
Improve Efficiency
Home renovations in 2020 don’t necessarily mean a new coat of paint. As we become more conscious of our carbon footprints, installing things like solar panels or gas cooktops over electrical generally get a big “thumbs up” when it comes to the overall value of a property. Improvements to your home’s heating, cooling, and insulation are also going to add value to your property in the long term (along with making it more comfortable for you in the now).
Attract The First Home Buyers
Did you know that the Queensland First Home Grant also extends to substantially renovated properties too? While there are criterias that need to be met, a substantial renovation is when all or most of the structural or nonstructural components of a building are removed or replaced. It’s generally a big task, but if you’re considering selling your home in the future – it will open your place up to a whole new realm of potential buyers.
Save On Moving
The cost of finding and buying a house is stressful enough, let alone actually moving. If you’re doing the math on sourcing a new home vs renovating your current one, if you have the time (and energy) – you may often find that the latter works out to be significantly cheaper overall. It’s also worth checking your eligibility for the Queensland HomeBuilder Grant if you anticipate the cost of renovating to exceed $150, 000.
Quality Of Life
Ah, the big one. It takes a lot for a house to become a home, so you may already be significantly invested in your abode and it’s sentimental value. These are spaces that we seek sanctuary in, spend most of our time in, and make memories in – so comfort is key. Why shouldn’t you have the lights that you like, or the colour palette that you like? Renovations can add far more than monetary value to your home.
Where To Start
For significant home renovations in 2020, it’s always worth speaking to a professional. Sourcing a reputable local builder can be like trying to find a needle in a haystack, so why not speak to the team at Kibo Constructions for helpful tips and honest feedback.