According to a report from the popular website Houzz, more and more Australians are choosing home renovation over selling their current homes and buying new homes in the dodgy Perth property market.
Over 14,000 Australians responded to a survey by Houzz. 56% said they renovated their homes in the last twelve months while 49% said they plan to renovate in the next twelve months. Half of those who did renovate said they did it because they liked their block and didn’t want to move. One third said they wanted to stay in the same neighbourhood. 29% said renovating was more affordable than selling their current homes and buying new homes.
Interestingly, there was a difference between respondents of different generations. Millennials were mainly concerned with the financial aspects of home renovation versus buying and selling.
Popular Home Renovation Projects
According to the survey, 26% renovated their kitchens, making it the most popular home renovation. 25% renovated their living room or family room, 20% renovated bedrooms and 19% renovated the master bedroom. 32% upgraded their plumbing, while 31% upgraded their electrical wiring and 19% upgraded their air conditioning.
Amazingly, one third of those who renovated didn’t start out with a budget. 27% of those who did create a budget went “over” by the time they were finished. We would like to congratulate the 73% who stayed on budget.
The reason most went over budget was because they decided to upgrade to better materials. The average home renovation was $68,300. The average bathroom renovation was $16,440.
Why Home Extensions and Second Storey Additions Make Sense
Home extensions and second storey additions are the perfect way to add more space to your home instead of buying, selling and moving. A lot of our clients add to their homes and then renovate the original portion. The result is like having a new home, exactly the way you want it.
To learn more, call Next Level Extensions today: 1300 948 094.