Home Renovation Snapshot

Home Renovation Snapshot

With the success of home renovation shows on television, shows like The Block and the Foxtel show Selling Houses Australia, (which Australian Property Inspections is proud to be part of through our building inspection reports completed on their properties) it seems there is a big majority of homeowners looking to upgrade and renovate their properties.

A recent survey of homeowners concluded that 50 per cent of property owners choose to remain where they are and renovate their homes rather than move. It seems more than half way through 2017 the trend has continued based on current demand for professional tradespeople. It is this issue that was mentioned as the number one priority for homeowners. It has also provided a boost for our retail sector as a large percentage of renovators spent money on furnishings and interior design products, including paint, lighting and window treatments that remained the biggest sellers for the year. Included in the demand for furnishings and interior designs were not only current householders looking to upgrade existing properties but the strong new housing market in many cities helped fuel this growth.

Amongst the biggest challenges faced when renovating, more than 40 per cent of owners stated that staying on budget was the hardest and that the average renovation budget was almost $70,000. In somewhat of a surprise the largest majority used their own personal funds to finance their renovations with only a small majority (15%) refinanced their property to access funds and 12% used their credit cards. A small percentage cited gifts and inheritance as their funding source.

It also seems we may be motivated by cooking programmes when renovating as the most renovated room for the past few years has been the kitchen with an average spend of $24,200. Secondly at only $6500 was the living area whilst master bathroom average spend was $3,600. Recently there has been a large swing towards renovators citing energy efficiency as high on their list of importance when renovating to create a more energy efficient home and a trend towards green materials including recycled plastic and bamboo.

Many renovators stressed their desire to modify a recently purchased home, or make changes to a home due to family and lifestyle changes whilst focusing on repairs around the home was a concern for many and though homebuyers tend to do more themselves they are more likely to hire professionals to help with their renovation projects when required with the most in demand being electricians and plumbers with a staggering 70 per cent hiring their tradespeople based solely on recommendations from family and friends or good reviews. This was considerably higher than those chosen purely for being the lowest quote Many of us it seems have also been taken the opportunity to organise a pest control report to ensure the foundations of their homes are sound before beginning the process. Always ensure your report is conducted by professional building inspectors to ensure high quality and comprehensive reports.