Last week, the Federal government announced their ‘HomeBuilder’ program, granting eligible Australians $25,000 to help build or renovate their homes.
The scheme hopes to increase demand in the construction industry and ensure builders stay employed despite the possible downturn in building projects due to COVID-19.
As with any sizable grants that sound too good to be true, conditions apply. In order to be eligible for the 25k booster, your reno must cost between $150,000 to $750,000, on a home valued at less than $1.5 million. The grants will also be means-tested, prohibiting couples whose combined annual income is over $200,000 and individuals making over $125,000. Also, the scheme does not apply to investment properties, and cannot be used on renovations outside the home, like pools or landscaping.
If you were already planning a sizable renovation, the government’s offer will likely tempt you to extend your budget to meet the minimum 150k price tag. To make it worth your while, you’re going to want to see at least a $250,000 uplift in value when the project is complete.
While clocking up a renovation tab mightn’t seem that hard to do—especially when everyone always warns you to expect unforeseen costs—exceeding that $150k mark might be harder than you first thought. Most ‘quick and slick’ value additions are cosmetic, like recarpeting or laying floors and replacing countertops, and even full-scale bathroom remodels only end up costing about a fifth of the eligibility price.
One of the best investments you can make when it comes to renovating is making structural changes to your home—like knocking out walls to transform a kitchen or cramped living room into an open plan entertaining area, or adding an additional room altogether. Extending your home, be it out or up, guarantees to set you back anywhere from $150k to $300K plus, depending on the scale of the job, but it’s a worthwhile undertaking if the layout of your home hinders its full potential. Roof restoration or replacement is also another oft overlooked yet immensely beneficial renovation to undertake, and one that you definitely shouldn’t skimp on.
Okay, maybe should have rephrased that, but you know what we mean. Second only to kitchens when it comes to renovation expenses, updated bathrooms are worthy investments and can add considerable value to your home. If you’ve always dreamed of bathing in a tub made of pure Italian marble, or washing your hands in a bespoke brass sink backed by authentic handmade Moroccan tile, why not have the government pay for some of it? Heated floors, spacious showers, high end brass taps and fixtures…turn your toilet into a sanctuary. Some inspiration here and here.
Keep that same energy when you’re planning your kitchen remodel. Dream big. Think statement terrazzo floors, bamboo quartz splashbacks, and sustainable designer cabinetry. Custom design your own space incorporating high quality finishes and fixtures and create something truly unique and one-of-a-kind instead of picking the whole thing out of a catalogue. Finally, if you’re looking for some inspiration on how to push your renovation to the extreme end of the HomeBuilder cap (or beyond) spend the next hour scrolling through none other than Mandy Moore’s luxurious before and after renovation pics.