Renovating, and Building Equity in Your Home: Tips For Owner-Builders

HOME renovation is one of the soundest investments an owner-builder can make. But with about a quarter of makeovers estimated to be done by owner-builders, you have to do it right.

Renovation-related television shows, magazines and seminars are inspiring would-be renovators and making people realise that investing in real estate does not necessarily mean buying an investment property. Many are unlocking potential in the family home and benefiting from the tax-free windfall.

“Property renovation is one of the soundest investments you can make,” says Robert Caulfield, managing director of Archicentre, which provides pre-purchase and renovating advice to home buyers, builders and renovators. “When done properly, it can make you money – and have you living in style.”

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Sell or Extend?

ACCOUNTANTS say it can make financial sense to reinvest in your home, than buying another – particularly if you are in a good suburb.

Agents agree, saying the value of property goes up by more than the sum of its parts when owners reinvest in extensions, kitchen and bathroom renovations, paint and flooring.  Coupled with the fact the tax office does not impose capital gains tax on an owner’s main place of residence, investing in your own home sometimes make more sense than buying another.

An extension has the potential to add the greatest value to your home, particularly if it creates a larger open-plan living area or increases the number of bedrooms.

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