People looking to renovate during property boom

News posted on 30.04.2014

Mozo.com.au has reported (29/04/2015) on three ways home owners can cash in on the property boom.

As major cities like Melbourne and Sydney push property prices skyward, Mozo asks what ways can people harness their homeownership power.

A recent survey by Mozo asked Australian homeowners what their property moves will be over the coming year. 

26 per cent of respondents said renovation was at the top of their list.  People are looking at cost effective renovations that will add value to their property.  Quick DIY renovations like replacing kitchen joinery, benchtops and lighting can give an immediate visual refresh.

Unused spaces like basements and attics can easily turn into a parent's retreat by adding insulation and installing windows.

24 per cent said that they would be taking advantage of the record low rate environment by making extra repayments to get ahead on their home loan.

5 per cent are using their equity to purchase another property as an investment.  This investment can provide rental income and capital gains over the long term.  Mozo says that people should research suburbs with high potential for growth.