It's coming to that time of year when the Home Builder Program announced by the NSW Government in response to COVID-19 is reaching its due date. All contracts must be signed on any new builds or renovations by the 31st of December, with all work then commencing within 3 months of the contract date.
In order to be eligible for the $25,000 rebate, you are required to meet one of the following two income caps: $125,000 per annum for an individual applicant based on your 2018-19 taxable income or later; or $200,000 per annum for a couple based on both 2018-19 taxable income or later. You have to spend over $750,000 for a new home or over $150,000 on a substantial renovation for a 25k rebate. For a full breakdown of the grant, visit the NSW Treasury website.
The real question then becomes, 'How can I make the most of the $25,000?'
In many cases this comes down to a personal preference on what work you plan on undertaking in the property, however there are a few value adds that are sometimes overlooked in the excitement of undertaking some serious work on a new or existing property.
1. The first of these is storage. Increasing the storage capacity of any property makes it both more liveable and also increases the re-sale value.
2. Kitchen/Bathroom refurbish. Whether you are building a new house or renovating an existing property, the kitchen and bathroom can be a good place to look at spending part or all of the 25,000 rebate. This can be done by refinishing an existing bathroom, or even purchasing higher quality fittings for a new bathroom, increasing it's longevity and making an investment in the future of your property.
3. Opening up the living space. While this might sound drastic, many older properties have a great scope for the removal of a few internal walls that can dramatically open up a space and fill your home with light and space. Couple this with new windows and a complimentary outdoor area, you will be well on the way to making the most of the rebate.
The Concept Constructions team have extensive experience in both new builds and renovations to existing structures, so if you are looking at signing the contract before the 31st of December, please contact us and we will help you get the ball rolling.