Survey Shows More Homeowners Plan to Renovate
Last month we were really pleased when Brendan Wong, a real estate reporter for News.com.au, asked if he could interview one of our service users about her renovation experience. It turned into an insightful editorial piece (with the lovely Melissa Donohoe and family even making the front cover of the real estate section of the Daily Telegaph). So we would like to share with you the key points the article covered with a trend towards more homeowners choosing to renovate their existing homes instead of selling and upgrading to a new home.
In the article, Mortgage Choice Happy As Index states that 45 percent of Sydney homeowners will be renovating their homes and property over the next year. Why are they planning renovations over upgrading by buying a new home?
The thought process for homeowners is that many want to improve on what they have now instead of picking up and leaving it. Many may not want to deal with selling and moving.
Jessica Darnbrough, from Mortgage Choice says it’s critical for homeowners to plan out their renovations by preparing a budget and researching the costs related to making renovations. She said they may be able to finance via construction loan or refinance via their mortgage holder.
Laorence Nohra, our CEO of Tradebusters, said that for many homeowners, it could be more economical to renovate an existing home over the expenses involved in selling, buying, and moving.
Melissa Donohoe and her husband Steve, just last year, considered selling their home, but instead chose to renovate. Why? According to Melissa they like their property and their home more than what they had seen out there on the market to buy. Therefore, it made sense to them to opt for renovating their 5-bedroom home. The Donohoes choose to paint the house, renovate and upgrade their kitchen and bathroom, and have new lights and carpeting installed, using our Tradebusters tradesmen concierge service. Just check out the amazing before and after photos with the article.
Greatest renovation learning?
Melissa said in the article that her advice to aspiring renovators was to “seek reputable tradesmen”.
What are our top 5 valuable home renovations tips?
- The kitchen – The kitchen will provide you with a great ROI (return on investment) if you are planning to renovate whether you intend to sell or stay. An upgraded kitchen adds true value to your home and allows you to make the space more convenient to use, more functional for your needs, and more comfortable and spacious. Using an experienced and recommended cabinet-maker will ensure a high quality finish.
- The bathroom – Bathroom renovations are just as popular as kitchen renovations. Similarly, renovating the bathroom could also be a valuable investment, adding value to your home. Australians are choosing to increase the size and/or add specialty features in an effort to create an environment suited to their needs. You may be spending anywhere from $7,000 upwards to renovate your bathroom, so its really important to work with a bathroom renovation specialist to avoiding costly mistakes.
- Painting the house – Paint, interior and exterior, tends to fade, crack, peel, and look dirty over the years due to weather extremes and general wear and tear. A fresh coat or two of paint gives your house a facelift and adds to the overall value of your property. It’s a wise investment whether you stay or sell. Working with reliable and recommended painters in Sydney will give you the peace of mind of knowing no shortcuts are taken.
- New lighting – The lighting fixtures in your home often become outdated, which makes them appear less aesthetically pleasing and less functional for your use. Make sure to only use a fully licensed and experienced electrician to do the work to ensure safety and the quality of the workmanship,
- Landscaping – Your home’s exterior is as important to address as the interior. Look into finding a quality landscaper to make improvement on your outdoor areas to dress up and update your property.
If you need help with your home renovation in Sydney, why not let our free Tradebusters tradesmen concierge assist you. You can tell us about your renovations needs right here and a member of our team we will contact you back shortly to discuss.