The recently announced HomeBuilder scheme aims to boost demand in the construction sector and keep builders and tradies employed across the Northern Beaches during the impending recession.
The grant is available to people who are building a new home or renovating an existing dwelling. The problem for Northern Beaches locals is the price caps. New builds can’t be worth more than $750,000 and homes being renovated must have a pre-renovation value of less than $1.5 million.
Let’s focus on the opportunity for owners who have a home valued at less than $1.5 million.
Do you qualify for the HomeBuilder grant?
You must be spending at least $150,000 and up to $750,000 on your renovation. You have to be renovating your own home, not an investment property.
You must use a professional, licensed builder, which we would always recommend to ensure all works are up to code.
The HomeBuilder grant excludes couples making more than $200,000 per year and individuals making more than $125,000 per year.
While this is narrow criteria, we recommend that owners of original homes under the $1.5 million price cap consider this offer, which is available on contracts signed before December 31.
What renovation work can you do?
The renovation work must improve the accessibility, safety and liveability of your property. Separate structures from your home, such as swimming pools, saunas, garages and sheds, are excluded.
Get the right advice
Undertaking a large renovation can add significant value to your property if it’s done the right way. However, it’s easy to make mistakes, so please feel free to call Rightside for advice. We would be glad to inspect your home and provide recommendations on what particular works would add the most value.
Typically, structural changes (such as removing walls) to open up living spaces make the greatest difference to a home’s value. Northern Beaches buyers love open plan living, dining and kitchen areas that connect with an alfresco dining area. If you can add a bedroom, this will also create significant new value.
For further information, go to https://treasury.gov.au/coronavirus/homebuilder.
