Upgrade or Renovate?
Are you running out of space or yearning for a change of scenery? In this episode of Q&, we consider the tough decision to either move somewhere else and buy something new or to renovate your existing home.
AMP Capital Senior Economist Diana Mousina is joined by Tim Lawless, Research Director at property analytics company CoreLogic to discuss the pros and cons of renovating or moving home and what to look for in a new home if you’re looking to upsize property.
We also consider the outlook for the Australian property market and the economic impact of coronavirus (COVID-19) on the Australian housing market.
0:37 – The economic impact of COVID-19 on the Australian housing market
1:23 – Outlook for the Australian property market (August 2020)
2:00 – Understanding the current Australian housing market and what it means if you’re looking to upsize to a bigger home
2:44 – How the Federal Government’s HomeBuilder scheme can help homeowners looking to renovate their existing home
3:12 – What to consider before renovating your home with the intention of living in the property for the next 5 to 10 years
3:50 – Considerations for renovating your home if you plan on reselling it shortly, including your renovation budget and timeline for selling
4:09 Summary: six tips to help homeowners decide whether to upsize or renovate their home
Find more information and expert tips on property and home loans: https://www.amp.com.au/home-loans/managing-home-loan
Original Author: Produced by AMP and published on 27/08/2020 Source