All about revamping your home
COULD it be the influence of Australian’s addiction to DIY television shows? Whatever the case, 43% of homeowners plan to revamp homes to improve their quality of living, according to the 2013 Homeowners’ Intention Survey.
Mortgage Choice head of corporate affairs Belinda Williamson said that of those looking to renovate, over 77% regard this as a means to improve their quality of living.
“While renovations can potentially increase the value of a property, our survey results show that the purpose for many Australians is to improve their lifestyle by customising their home to suit them,” she said. “This lifestyle focus was further highlighted by the fact that of those intending to renovate, 15% were looking to renew their outdoor entertainment area first.
“This was among the top three most popular areas to renovate and followed upgrading the kitchen and bathroom at 28% and 27% of respondents, respectively.”
Ms Williamson said once you have settled on a plan, it was important to turn your attention to how you intend to fund the project.
“Depending on the scale of changes, there may be a number of different finance options to consider such as a loan top up, personal loan, line of credit loan or even a construction loan.”
Concept Design and Interiors owner Sharon Leonard said revamping your home was a great idea to give you a fresh new feel.
“Revamping your home can make a difference on the value of your property and presentation,” she said.
For those intending to revamp for selling, Ms Leonard advised not spending more than 30% of the value of your property.
“Unless you are staying there presently,” she said.
Ms Leonard said before undertaking such projects, listen to professional advice from a builder or interior designer.
“Look at open homes and look at what’s around in the real estate in your area.
“Make sure that it fits into your budget.”
Ms Leonard said majority of the time, renovations cost extra.
“So make allowances for your project.
“Always get quotes from trades people and show room suppliers.
“If you are not confident to do it along call myself, a builder or handy person to help run the project smoothly.”