June 08, 2016
Everyone normally has some kind of dream home in mind. Maybe you’d love to have a wide, L-shaped kitchen countertop? Or perhaps a large timber deck where you can hold summer barbecues? Either way, everyone has things they’d love to see in their future home.
The Australian Bureau of Statistics reports that in June, almost $2 billion was spent on changes to residential buildings.
At the end of the day, you might be content settling for something that may or may not have these. However, if you’re a little on the pickier side, getting exactly what you’re after could be more of a challenge – but, there is an alternative.
You could buy a property that may not have all the bells and whistles but has terrific potential. After purchasing the home, there is the opportunity to make some transformational renovations and put in features as you see fit. This way, you’ll be able to get the home of your dreams, while potentially saving plenty of cash at the same time.
Figures from Houzz show that there could be many others resorting to the same approach. The Houzz and Home Australia 2015 report reveals that ‘elective projects’ were what boosted renovation activity last year rather than necessary upgrades.
In fact, overall home improvement activity has been on the up. The Australian Bureau of Statistics reports that in June, almost $2 billion was spent on changes to residential buildings – a 5 per cent increase from the year before. So, what type of renovation work has been popular among Aussies?
Making a home look and feel better was the main priority for renovators.
Taking in the sun
The Houzz report shows that renovation projects were diverse in nature. In 2014, 63 per cent of homeowners on Houzz conducted upgrades to the interior, while 49 per cent made exterior changes. Still, the most frequent type of renovation were outdoor improvements, which 71 per cent of renovators reported making.
Upgrades to patios, terraces or decks were the most popular structural improvements.
Upgrades to patios, terraces or decks were the most popular structural improvements. This is a relatively affordable way to add a little more walkable space to your property without requiring an extension. According to Service Seeking, the average cost of building this additional space is around $2,000 to $9,000.
Changes relating to fences, pergolas and sheds were also frequent. In terms of upgrades made to the grounds; beds or borders were the most popular, as well as improvements to the lawn, pathways and irrigation system.
Clearly, yards matter to Australians. With so many people out there working on the outdoor features of their property, you might feel inspired to add yours to the renovation agenda.
Out of those who renovated in 2014, 23 per cent of people made changes to the living room, making it the most commonly upgraded space. Kitchen and master bathroom upgrades also placed high on the list (21 and 15 per cent, respectively). This is unsurprising as many people consider these rooms to be some of the most important in the entire home.
Service Seeking estimates the average cost of a kitchen renovation to be $14,000 to $18,000. For a bathroom upgrade, this figure is $10,000 to $13,000.
With the idea of getting these exciting home improvements, you might be wondering how long it’ll actually take to have them done. Houzz report shows that from the start of planning to the finished construction, it usually takes six months or longer – not bad, considering these changes could keep you happy with your home for decades to come.
To find the best lender to fund your renovation project or your next renovator purchase give us a call on 5474 4100, or email firstname.lastname@example.org