Newspaper article The Daily Mercury (Mackay, Australia)

A Renovation Boom

Newspaper article The Daily Mercury (Mackay, Australia)

A Renovation Boom

Article excerpt

Byline: Michelle Hele

WHETHER it's renovating to sell or just to improve value, Queensland home owners are behind a surge in remodelling activity.

As at June spending on renovations in Queensland according to the Australian Bureau of Statistics was $1.56 billion.

And according to Master builders Queensland deputy CEO Paul Bidwell that figure was set to steadily rise, with renovation activity in the state "very strong".

As well as the ABS figures Mr Bidwell said QBCC (Queensland Building and Construction Commission) data also showed a steady increase. It collects data on any renovation worth more than $3000 (plus $300 GST) as it needs have home warranty insurance.

"Those numbers have been really steadily increasing," Mr Bidwell said.

He some renovations were just being done to improve houses which owners intended to keep but that was also done with the knowledge it was adding future value.

"I assume most people when they renovate they do it with an eye to will I get this money back, will it actually add value," he said.

His biggest tip for those wanted to embark on a renovation project - no matter what the reason, was to make sure those carrying out the work were licenced.

Also he said it was essential to get a couple of quotes, to find out if your cost expectations were realistic. "In a very busy market if you don't shop around you are doing yourself a disservice," he said.

"In some parts of the market you might find there is very sharp pricing because people are looking for the work. Either way it is just for peace of mind you want to shop around and just get at least two or three quotes."

Also have a clear idea of what you want to achieve before everything starts. "If you just rush in like a bull at a gate you are going to be very disappointed," he said.

Mr Bidwell said particularly with older homes, it was hard to know what additional costs could come up until the work was started. …

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