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Homeowners are Keeping Homes Longer to Save Money

May 11, 2015

We have more than 70 years of combined experience providing home extensions and second storey additions to Perth area homes. We have seen home renovations become a lot more popular over the last ten years. Now, thanks to CoreLogic RP Data, we have the numbers to prove it.

According to Cameron Kusher, research analyst for CoreLogic RP Data, the average home in the capital cities is now held for 10.5 years. This is a rise of more than 50% over the average from ten years ago, which was 6.8 years. Even with a higher population than when home sales peaked in 2003-2004, less homes and units are sold now than in those years.

So, why are so many Australians choosing to renovate instead of buying and selling? The most sensible answer is that it costs a lot less to renovate or add on than it does to sell one home, buy another and move. The period for holding homes has been on an upward trend since 2005, with no signs of slowing down now.

According to Mr Kusher, “high home exit and entry costs,” including stamp tax duty and real estate broker commissions, “act as a disincentive” for those looking to sell, buy and move.

Why We Think More are Remaining in their Current Homes

We think there is one main factor keeping Australians in their current homes longer: money. At this point, it costs a lot less to turn your current home into your dream home than it does to build that home from scratch or actually find it on the market. Home extensions and second storey additions often take advantage of the structure that is already present in your home, saving even more money.

In a pricey market like Perth, renovating your home can not only save you money now but make your home much more valuable when it is time to sell.

To learn more, call Next Level Extensions today: 1300 948 094.

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