The uprising of COVID-19 restrictions has left many Victorian’s with not a lot to do. Day’s seem longer than they once used to be, and time just could not pass any slower. Although this isn’t how anyone planned for their 2020 to unfold, lockdown is a great opportunity for homeowners to thoroughly plan out the renovations they’ve always wanted. It is the perfect time for you to channel the time and energy that you would use on a normal workday towards the improvement of your dwelling. With construction and design services deemed essential, you can not only plan but have your renovation started. Here are some reasons why now is the time to plan/begin your renovation.
Time to plan
While you are spending more time at home than ever before, you get the chance to take a break and assess your home and lifestyle. You will find that you start to notice the little things around your home that you may not have noticed earlier. All this time at home will allow you to gain a strong understanding of what changes your house needs. Take a look around. Do you need to extend? Renovate your bathroom? Or perhaps add a study so you can have your private area to work from home, without being distracted by things going on around the house? This time can also be used to find inspiration regarding design and other features. Some great places to find inspiration would be social media platforms such as Pinterest and/or Instagram. The planning process will also require creating a budget, which means it’s crucial to be as realistic and as accurate as possible in estimating your affordability/buying power, as this is what will determine whether or not you are ready to go ahead with the renovation.
Low cost of borrowing
Interest rates so far this year have been extremely low, making it very easy for consumers to borrow money from banks at a low cost. This is perfect for those looking to borrow funds for their renovation project as it has never been cheaper to do so. An opportunity like this one should be utilised, especially because experts have predicted a construction boom post-COVID-19. This boom will drive up prices significantly and if you begin planning now and get in contact with our highly professional team of renovation experts to form a fixed price contract based on current pricing, you will be hedging against rising prices in the near future. The market hasn’t been this competitive in a long time so if you would like to save money on top of the already stunted interest rates, while giving your home the makeover you truly want to, the time to renovate is now.
In an attempt to boost the building industry, the federal government has decided to issue 25k grants to Australian’s who are looking to build or renovate their homes as an incentive to get started. This grant is time-limited, meaning it will not be available forever, which is another reason as to why now is the perfect time to invest in your home’s refinement. To be eligible for this grant, some requirements must be met, for example, only individuals with an annual income of up to $125,000 or couples with a combined household income of $200,00 are eligible. If you meet this criterion, this is an opportunity which should not be passed on as this grant is probably the biggest incentive out of all.
While these are all great reasons as to why this is a great time for home improvement, the harsh reality is that COVID-19 has been a difficult time for all Australians, with a vast majority of households experiencing a reduction in household income and in some cases complete loss of income. We strongly advise that you consider your finances and forecast before hurrying into any contracts.
However, if you are ready for consultation and would like to begin your home renovation journey, look no further than Duncan Thompson extensions. Due to stage 4 restrictions, we are unable to make home visits, but we can organise virtual meetings! Just get in touch.