Are lifestyle television shows now part of our reality? With so many reality tv programs circulating showing us how to rebuild, redesign, retile, repaint and regrow; it’s any wonder that homeowners are set to spend an unprecedented amount on renovating their Australian dream.
Many of the homes in the local area are about to mark a 30-35 year milestone and this vast number of ageing detached homes are therefore in need of a makeover. According to a local real estate agent, “this accounts for the surge in renovation activity and homeowners requesting advice on timeless spruce ups which are cost effective and expected to yield a good return when the time comes to sell the home. A surge in renovations will see local trades in our area picking up local renovation projects. Our area has so many tradespeople therefore keeping these renovation jobs in our local community is hugely beneficial.
“A surge in renovations and will see local trades in our area picking up local renovation projects. Our area has so many tradespeople therefore keeping these renovation jobs in our local community is hugely beneficial,” a local real estate agent stated.
Consistent with these DIY observations is the forecast from the Master Builder Association (MBA) expecting a boom in the sector to create a $44 billion industry by 2023. This is broken down to an annual $8.8billion annually for the next five years, up from last year’s decade high record of $8.3billion.
With the renovation hype about to take hold, it is crucial to remember if the budget is limited, not only do bathrooms and kitchens sell homes, but so do neutral tones and timeless designs. The key to renovating is to seek advice from a trusted professional prior to undertaking the project and make sure you do not overcapitalise and your renovation doesn’t outdo the market value of the home.