Building and construction changes: Good news for homeowners
A new national building and construction code will make the industry more productive, according to an April 22 statement from Master Builders Australia (MBA).
Cost savings for homeowners
Wilhelm Harnisch, chief executive for MBA, noted that the new code will help eliminate unproductive work practices.
"Such practices drive up costs which are borne by consumers and will not be acceptable under this code," explained Mr Harnisch.
Building contractors who want to complete tax payer-funded jobs need to be compliant with the new code from April 24 this year.
Given that the changes may see cost savings passed down to consumers, the announcement will certainly be pleasing to homeowners.
Property owners may seek a mortgage refinance in order to obtain a cheaper home loan deal, which could free up funds to complete renovations around the home.
Certain home renovations are often effective at raising a property's value. As homeowners pay off their mortgage, they gain equity in their property. Coupled with a boost in their home's value following renovations, couples and families may be placed in a comfortable position to upgrade to a new property further down the track.
The kitchen is a popular room to renovate, from adding extra bench space to creating built-in shelving solutions.
A refined outdoor area may also increase a property's appeal, which is great for home buyers looking to sell their existing home, make the most of currently low mortgage rates and secure a new property.
Those who already own real estate are arguably in a better position than first home buyers as they already have the leverage to obtain further finance, whether for significant construction work or to buy new property entirely.
Along with a building code that aims to reduce costs, current homeowners are placed in a great position to capitalise from their current equity and realise their property dreams.