The old romance between surveys and interesting statistics does not die easily. Keeping up with the trend, a fresh survey focusing on homeowners’ desire to renovate threw up a few facts to chew upon. An article on the Smart Property investment magazine ‘smartly’ covers the survey results.
- 43% of homeowners look towards renovation
- Nearly 75% of them have a budget of less than $20,000
- 20% have renovation budgets ranging from $20,001 to $50,000
- 10% do not mind spending in excess of $50,000
- Cosmetic renovations are the biggest hit with homeowners (structural renovation a far 2nd)
- 28% voted for a kitchen upgrade, closely followed by 27% who lobbied for a bathroom upgrade
- 15% of respondents looked for revamping the outdoor entertainment area
You can find several finance options
Surveys are all good in reporting the consumer sentiment but we also have to think about the funding bit. Based on the changes you are looking to make, you can avail a line of credit loan or a personal loan.
A top-up does fine for meager amounts and nothing short of a construction loan would do if you are looking to overcapitalise.
The article talks about seeking the assistance of a mortgage broker but in my opinion it is equally important to get in touch with a competent home designer.
Advice of home designers equally important
While the brokers decide on the budget, it is only the professional home designers who can confirm feasibility and advise if your budget is sufficient for the renovation you have in mind.
He also effectively deals with any council issues and can advise you of specific regulations, for example on bush fire prone land.
Which area of your home are you planning to revamp first? If you are in Sydney, why not give us a call?
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