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Is now the right time to spend on renovating your biggest asset?

Wherever you are in Australia you’ll have no doubt noticed that house prices are on the rise, here in Darwin the price rise is tipped to be the highest nationally with a rise of around 12% by the end of 2021. Is this a good thing for a homeowner who is not intending to sell? Is it wise to renovate your home while the housing prices are on the rise, or should you hold off on renovating?

As a homeowner (an owner-occupier or as an investment property owner) this rise is good news! Now is the perfect time to invest in home improvements – regardless of if you’re intending to sell your home or simply make better use of your spaces for your own lifestyle. For the foreseeable future luxury overseas holidays will need to remain on bucket lists and that money can now be directed into improving our biggest investments … our homes.

The Covid-19 pandemic, in keeping many of us closer to our homes, has inspired around 1 in 4 of us to renovate to create spaces that we feel right at home in and that suit a myriad of our needs such as relaxation, study, work, and daily life – in 2020 our homes became our offices, social meeting places (virtually), places to study, and where we lived and occupied ourselves in home pursuits and entertainment. That’s a lot of work for a place originally designed for us to simply eat, sleep, and entertain our friends!

Feng Shui and biophilic design aspects in our homes have become important to all of us, even if you aren’t sure what those aspects are … once you see them, you’ll immediately understand what has been missing and how some well-considered design changes can create a sense of contentment and productivity in your home spaces.

A recent study by The Blue Space shows that around one third of Australians who plan on renovating their homes in the next 12 months will spend on average $26,000. In 2021 we are looking at ways we can renovate and change our homes to meet all of our needs and still be the place where we can enjoy being ourselves, at home. We are choosing to renovate, rather than sell.

Gareth Aird, Head of Australian Economics in CBA’s Global Economics and Markets Research division, says that in the first quarter of 2021 we have already seen housing price rises that are higher than we’ve seen in around 35 years. This is largely due to the Reserve Bank of Australia (RBA) stating that interest rates will not be raised until 2024 at the earliest – this in turn has (and will give) borrowers the confidence to borrow funds for housing purchases or renovations knowing that their interest (and in turn repayments) will not increase for a number of years.

As a homeowner what is the best way for you to tackle these improvements and renovations to your biggest and most valuable asset? It is important to look at these improvements and renovations as an investment and calling in an expert is essential in ensuring that you’re making improvements and not overcapitalising.

You do need to have the right professionals on board right from the very outset so that your project can be on track from the get-go and avoid unnecessary stresses and budget blowouts. I’ve put together a list of differences in skillsets between an interior designer, an architect, and a builder and how the three fit into your renovation project.

As an interior design professional, I have all the skills and experience to look at your renovation project with fresh eyes, create a clear vision, and coordinate all the trades (including a builder and architect) needed to pull it together – even if it’s only working with you to select the hard finishes so you have a beautifully well-thought-out and practical home. It’s only a worthwhile investment if it’s going to increase the value of your home, so it’s important to get it right!

You’ll find a complete list of my packages HERE to find out more about how JM Interiors can help you create a home that you’ll love returning to each day – I can work with you on-site or remotely; distance is no barrier!  If you’re still unsure about what you need from an interior designer … jump in and book a DISCOVERY CALL and we can work out which is the best way to get your tropical-inspired interior design project started. 

And of course don’t forget to do our FUN QUIZ to work out your personal tropical interior design style!

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