There is an increasing trend of property owners in inner city areas who are renovating or building extensions to their home in a bid to add value to their property. Many property owners are choosing to renovate or extend their property, rather than upgrade, due to rising property prices and interest rates.
Furthermore, transaction costs alone play a key factor in the decision to renovate. Many Australian property owners opt to invest the money back into their property than lose it to the real estate agent, or to pay legal fees, capital gains tax and other admin costs associated with selling a property.
Many property owners are spending tens of thousands of dollars on their property, adding significant weight to the property's value when they do decide to sell.
The Australian Bureal of Statistics (ABS) estimates that Australians spent about $528.5 million on alterations and additions to residential property in January 2010 alone! In Melbourne, more than $823 million was spent on renovations from July 2009 to January 2010. In addition, data from the ABS confirms that city council areas with the largest expenditures on renovations housed those suburbs that witnessed the greatest rises in median house prices during 2009.
If you are interested in building your dream home or renovating an existing property, speak to one of the mortgage brokers at Intellichoice first on 1300 55 10 45.
Intellichoice has helped many clients from all over Australia with owner builder finance. Intellichoice is the only company in Australia who can offer 80% of end market value for the property instead of the usual 50% of hard costs that most lenders would insist on. Owner builder finance is available for new home construction or major renovations on existing homes.
Intellichoice can also assist with an owner builder system, which project manages new home and major renovation construction from beginning to end without the stress and hassle.
Furthermore, transaction costs alone play a key factor in the decision to renovate. Many Australian property owners opt to invest the money back into their property than lose it to the real estate agent, or to pay legal fees, capital gains tax and other admin costs associated with selling a property.
Many property owners are spending tens of thousands of dollars on their property, adding significant weight to the property's value when they do decide to sell.
The Australian Bureal of Statistics (ABS) estimates that Australians spent about $528.5 million on alterations and additions to residential property in January 2010 alone! In Melbourne, more than $823 million was spent on renovations from July 2009 to January 2010. In addition, data from the ABS confirms that city council areas with the largest expenditures on renovations housed those suburbs that witnessed the greatest rises in median house prices during 2009.
If you are interested in building your dream home or renovating an existing property, speak to one of the mortgage brokers at Intellichoice first on 1300 55 10 45.
Intellichoice has helped many clients from all over Australia with owner builder finance. Intellichoice is the only company in Australia who can offer 80% of end market value for the property instead of the usual 50% of hard costs that most lenders would insist on. Owner builder finance is available for new home construction or major renovations on existing homes.
Intellichoice can also assist with an owner builder system, which project manages new home and major renovation construction from beginning to end without the stress and hassle.
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