Major renovations potentially eligible for First Home Owner Construction Grant
Posted on Tuesday, January 07 2014 at 2:43 PM
Queensland first homebuyers looking to utilise the State Government’s First Home Owner Construction Grant (FHOCG) should also consider purchasing properties requiring major renovations, according to Lachlan Walker of Place Advisory.
The $15,000 grant has predominantly been used to purchase newly-built
properties or off-the-plan properties under construction.
However, Walker says homebuyers have been ill informed about the
possibility of buying existing properties that require substantial renovations.
The option to consider properties needing major renovations will offer a
much greater selection of homes to first homebuyers, he says.
“Many young people don’t understand that a ‘new home’ doesn’t
necessarily mean something that has just recently been built or is in the
process of being built; substantial renovations are also eligible for the
FHOCG,” Walker says.
“I believe that substantial renovation gives people many more options.
“They can buy into an area that they like far more easily and have the
option of a self-renovation job, or they can purchase a property that has
recently been substantially renovated, just as long as it hasn’t been
previously occupied or sold as a place of residence.”
According to the Queensland Government website, a substantial renovation
involves any structural building work such as replacing or altering foundations,
floors, supporting walls, brickwork and roofs.
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