It would seem that Australians’ addiction to DIY television shows is being felt closer to home, with 43% of homeowners planning a renovation.
When considering how much homeowners were intending to spend on their renovation plans, the Survey found 72% had budgeted $20,000 or less, 20% had allowed between $20,001 and $50,000, and 9% had set aside over $50,000 to create their ideal home.
The Survey also revealed that of those intending to renovate, 54% are planning major cosmetic renovations such as retiling or replacing cupboards, while 27% are planning major structural changes including changing the layout of the home and 19% are planning minor cosmetic changes like a coat of paint.
While renovating is a great way to make lifestyle improvements, I encourage homeowners to consider a number of factors before redesigning their home, including but not limited to:
- Avoid over capitalising: Investigate whether you can achieve your renovation without over capitalising on the investment, that is, when the cost of the project outweighs the value it will add to your property.
- Add up all the costs: Do your homework so you know what costs you are up for from the beginning. Be realistic about what you can achieve with the budget you set yourself, and be sure to stick with it.
- Have a good builder on board: Undertake sufficient research to decide whether you have chosen an expert builder who is fit for your renovation plans. This means getting detailed quotes and testimonials.
About the survey
Market research company Nine Rewards was commissioned by Mortgage Choice to conduct the 2013 Homeowner Intentions Survey. The Survey was completed by 1,032 Australians who have a mortgage and have been a homeowner for two or more years. The Survey was conducted in mid May 2013. Note, the figures in the media release commentary have been rounded to the nearest whole percentage point.