In recent years, a new trend has emerged in the housing market: renovating one’s current home over buying a new one. This trend has come about due to several factors, which include stamp duties and current housing-market conditions. In other words, people have come to realize that it’s cheaper to renovate than it is to buy a home. The daunting costs associated with buying a home include, but are not limited to: agent rates, selling fees, transactional conveyancing costs and stamp duties. These are enough to make anyone turn off to the whole venture.
With that said, many of the homes built and purchased during the 1980’s housing boom are now approaching their prime time for renovation. Unless the home prices dramatically change, this move to renovate over purchase will not let up soon — especially as more and more young adults are choosing to stay in their parents’ home over moving to a new place. The combined decrease in new home-buyers and increase in home renovations done to accommodate live-in adult children will continue to influence the housing market for years to come.
Read more on the rise of home renovations over on the Australian Broker.