There is still plenty of time to apply for the grant if your contract is signed between 4 June 2020 and 31 December 2020. Home owners across Brisbane have welcomed the federal government’s HomeBuilder scheme, which offers owner-occupiers a grant of $25,000 towards renovating their property. To be eligible, the value of the renovation contract needs to be between $150,000 and $750,000 and the property value cannot exceed $1.5 million. Income limits of $125,000 for singles and $200,000 for couples apply.
In recent months, we have unfortunately experienced some jobs cancelled with people unable to move ahead while they were understandably thinking about their own isolation and job security. We are now feeling much more optimistic with the building grant taking effect and urge renovators to apply and think about the best way to spend the grant money to make it go further and increase their home equity.
For those who thought they couldn’t afford an architect or drafting drawings, a portion of the $25,000 grant could be spent on professional plans for your renovation. Tide Constructions can provide considerable benefit by drawing these in house or occupying an architect of your choice.
At the bottom of the range, spending between $2,000 – $5000 on drafting/architectural services for a project of $150,000 could have a substantial impact on the finished product. Tide Constructions drafting service, architects and engineers are a necessary starting point for the building process.
When a renovation moves from being cosmetic to structural, the costs can escalate. If you haven’t factored wall removal into your budget, the government grant may offer a ticket to open-plan living.
It’s a big ticket item that sometimes doesn’t get included in renovations, but a value-addition for any property. Even at least considering a second or third toilet in the plans.
It’s another big ticket item – installing a brand new kitchen always reaps rewards. But before you decide to tear out everything, stand back and observe how you can make improvements and perhaps save on some financial aspects by reusing some materials. Sometimes this may be a decent upgrade on an appliance package, in other instances upgrading is an essential.
Renovators whose budget includes the big ticket items might want to consider upgrading their selections for finishes in the kitchen and bathroom. $25,000 is a huge difference in the quality of product you can afford for items like kitchen appliances, benchtops, tiles, feature lighting and tapware, all of which go towards improving liveability, essentials and aesthetic appeal.
Maximising storage from the laundry, kitchen, hallway or the bedroom is a must and more space to store is always a good idea. We have even built study nooks into hallways and alcoves previously considered underutilised spaces. You could also consider updating the wardrobes to have a study and storage space. A lot of downsizers find that it really is valuable to compact these spaces. Built-in cabinetry in the living spaces is often a luxury for the larger renovator but a nice value-add.
Want advice on how to use the grant? Get in touch with us to discuss your options.