The Queensland State Government have made changes to the Queensland First Home Owners’ Grant in their annual budget, reducing it from $20,000 on new homes to $15,000 from July 1, 2018; contracts signed prior to this will still receive the full $20,000, if eligible…but time is running out.
Purchasers must be buying or building a NEW house, unit or townhouse valued at less than $750,000. You can buy off the plan or choose to build yourself.
- You must be at least 18 years of age.
- You must be an Australian citizen or permanent resident (or applying with someone who is).
- You or your spouse must not have previously owned property in Australia that you lived in.
- You must be buying or building a brand new home.
- The value of the home including the land is less than $750,000.
- You must move into the new home as your principal place of residence within 1 year of the completed transactionand live there continuously for 6 months.
With our aging population, there is an increased demand for dual living to accommodate elderly parents. Housing affordability issues are also seeing demand coming from existing homeowners building living quarters on their property to house their adult child who may be building or saving for a deposit.
Extending your property to accommodate dual living certainly adds value and appeal when it comes time to sell, but ensure the workmanship is of a high quality and that the works have been council approved…many aren’t, and this can cause a contract to ‘fall over’ or a reduction in offer from buyer.
Depending on the size, the cost of a garage conversion, for example, can be anyway upwards of $10,000-$30,000. Some properties have zoning that allows a second dwelling to be built on the site, your local council will advise if your property can facilitate this and what the submission process is regarding Development Application. Cost of building a separate self-contained dwelling will vary depending on size and quality.