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Home Renovation Ideas Australia

Home Renovation Ideas Australia

When it comes to home renovation ideas Australia, there are many factors to consider. First, you should consider the costs of the project. If you do not have the cash to pay for it all, there are a number of financing options. Second, you need to consider which areas in the home should be renovated. Finally, you need to decide how much you want to spend. Aside from the costs, there are many areas where you can renovate.

Renovations are becoming more popular in Australia

The renovation boom in Australia is a result of consumers realising what works in the world of architecture. With building costs skyrocketing and supply problems causing a shortage of builders, there is no reason why renovators should not be encouraged to undertake these projects. The following are some of the major factors that are causing a surge in renovation activity. For starters, the price of materials and labour is increasing dramatically.

One in five Australians plan to undertake a renovation project within five years. One-third of people plan to renovate their homes within the next five years, and almost one-fifth intend to renovate their home within a year. Those planning to renovate will typically spend between $60,000 and $150,000. This is far lower than the cost of a new home.

Home Renovation Ideas ACURA DEVELOPMENTS1

Costs

The cost of a home renovation varies greatly depending on the materials you choose. Purchasing high-end materials can significantly increase the price of your renovation. The scope of your project will also affect the price. Full structural renovations may involve changing the floor plan and adding new windows and doors. You will likely need to hire an architect for this kind of renovation. It is important to get multiple quotes before you start any work.

You should determine the market value of your home as a starting point for your budget. It is important that you don’t spend more than ten percent of the current market value. For instance, the average cost of a house in Sydney is $1,123,991 and you should set a renovation budget of at least $112,000, unless you’re planning to spend a large amount on a high-end renovation.

Financing options

If you’re planning to renovate your home, you might be interested in exploring different financing options. One of the most common ways to finance a renovation is by using your home equity. Equity is the difference between the bank’s valuation of your home and the balance on your mortgage. For example, if you own a house worth $250,000, you have equity of that amount. While the bank is unlikely to loan you the full amount of equity, it will allow you to get a loan of up to 80% of the value of your home.

If you don’t have a large amount of equity in your home, you can use it to finance your renovation project. While this option might seem tempting, it’s important to consider the repayments associated with this method of borrowing. For example, if you’re planning to renovate a kitchen or a bathroom, you might be able to borrow up to $100,000 based on your equity. However, you should consider the cost of borrowing and make sure you’ll be comfortable making new repayments.

Areas to renovate

There are several key factors to consider when considering which areas of your home to renovate. The most important is whether the renovation area offers the potential to increase the value of the property. Those who plan on renovating their property for profit need to choose a location where they will be able to add value.

For more Home Renovation Ideas contact Acura Developments today

Acura Developments Servicing Brisbane and the Bayside

About the author

At Acura Developments, we pride ourselves in delivering superior workmanship, applying attention to detail and respecting the integrity of all our clients. Our excellent reputation and satisfied clients can attest to our professionalism, right from the initial planning stages to quality finishes.
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