Home owners continue to look for renovation benefits
Home owners are always on the lookout for ways to increase the value of their homes, and 2018 has been a big one for the renovation industry, says a new survey.
According to the annual Houzz & Home Australia survey 57% of home owners on the platform are planning to renovate their home.
In 2017, over 50% of home owners renovated their homes at a median spend of $25,000.
Repeat home buyers invested the most in home renovations at a median spend of $30,000.
More than a quarter of renovating home owners tackling kitchens (26%), the top target for interior renovation, with a median spend of $20,000 for a large kitchen (more than 10 square metres).
Living/family rooms, bedrooms, master bathrooms and laundries (24, 18, 18 and 17% respectively) followed on the priority list.
Houzz principal economist Nino Sitchinava said the survey results were a strong signal for the industry.
"All of the evidence from our research points to 2018 likely being another robust year for the home improvement industry,” says Sitchinava.
“Recent buyers and long-term homeowners alike are keen on investing in major projects like kitchens and bathrooms and they’re validated by the value these projects have brought to their homes."
The report’s other conclusions include:
- More Deliberate Planning and Budgeting: Over the past two years, homeowners have become more deliberate in planning and budgeting for renovations and were seven percent more likely to set a budget in 2017 than in 2015 (74 and 67%, respectively).
- Plumbing and Electrical Top System Upgrades: Homeowners prioritised plumbing and electrical over any other system during renovations (32 and 31%, respectively). First-time home buyers are twice as likely to upgrade electrical systems during renovations as long-term homeowners (52 versus 25%, respectively).
- Home Professionals in High Demand: Over nine in 10 renovating homeowners chose to hire a home professional for renovation needs (92%). Repeat home buyers are the most likely to seek professional assistance (94%), followed by long-term homeowners and first-time home buyers 89 and 88%, respectively).
