Newspaper article The Chronicle (Toowoomba, Australia)

Survey Finds a Third of Owners Want to Renovate

Newspaper article The Chronicle (Toowoomba, Australia)

Survey Finds a Third of Owners Want to Renovate

Article excerpt

MORE than one third of Australian home owners will look to renovate their current abode within the next 12 months, new data has revealed.

According to Mortgage Choice's 2016 Money Survey, 36.2 per cent of home owners said renovations were high on their agenda.

Speaking about the results, Toowoomba Mortgage Choice franchise owner Julian Collins said he wasn't surprised to see such a significant percentage of home owners looking to renovate their property over the coming year.

"Not only can renovating a home significantly improve its value, but it also allows home owners to stay at their current address," he said.

"Furthermore, with property prices continuing to rise across most capital cities year on year, many home owners may believe it is cheaper to renovate their home rather than buy and move elsewhere."

Research conducted by RP Data CoreLogic found property prices across the combined capital cities grew 0.5% in February, taking values 7.6% higher over the last 12 months.

This strong growth follows an 8.3% jump in property prices the year before.

"This data would not only suggest that the Australian property market remains robust, but price growth is unlikely to stagnate any time soon," Mr Collins said.

"With that said, it is not surprising to see more than one third of Australian home owners are looking to renovate their home within the next 12 months.

"Of those who are looking to renovate, 57% said they would look to renovate their kitchen or bathroom first.

"While renovating a kitchen or bathroom can add significant value to a property once complete, it is important to note that renovating these rooms can also be costly and render a home unliveable for a period of time."

For those who are thinking of renovating their property, Mortgage Choice offers the following tips.

TIP 1: Set a budget

While it can be difficult to stick to a budget during the renovation process, it is still important to set one.

If you are hiring a professional to complete the renovations, make sure you source several quotes from different providers as this will give you a clear idea of how much you could be up for. …

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