YOU may have considered it while piling the shopping bags on top of a cramped and dated kitchen bench, or perhaps it crossed your mind after a dog and a baby came along.
Whatever the reason, if your abode feels too humble, now is the time to take action.
Renovations are soaring across Australia as homeowners shun exorbitant moving costs and spruce up their existing homes instead.
Finder.com.au report that almost one in three Aussies has revamped their current place and this number is set to increase as a result of the cooling property market.
Though it may not be the best time to sell at present, periods of flat growth are never permanent so don’t procrastinate, renovate. Investing in the future value of your property through a renovation can be a wise move in the interim as long as you’re prepared.
Increase property value:
A well-designed renovation can add up to 10 per cent to the value of your property.
For example, if your home is worth $500,000 and you spend $25,000 on the renovation, you have the potential to make over $50,000 when you put it on the market, which is double your initial investment.
However, property values can vary significantly, so it’s worth consulting a real-estate agent or conveyancer to get an indication of how much value your planned renovation could bring.
Spared the hassle of buying and selling:
From stamp duty to legal fees and agent commissions, the costs associated with moving can be extensive.
Depending on the scale of your planned renovation, upgrading your existing property is generally a cheaper alternative. A well-managed renovation with a practical budget can easily convert a two-bedroom home into a three-bedroom one or modernise a tired kitchen or bathroom without having to relocate elsewhere.
Before going ahead with your renovation, make sure you finalise any outstanding quotes and work out a realistic budget.
It’s recommended that you add an additional 10% on top of the estimated price to allow for unforeseen costs.
Remodelling your existing home can be a great way to accommodate changing lifestyle factors such as a growing family.
You can boost your standard of living by making the following home improvements:
• Upgrading outdated fittings and appliances to better quality ones
• Reconfiguring the layout of your home
• Adding an extra room
• Replacing carpet or lino with floorboards
• Adding a pool or making outdoor improvements
Financing your renovations:
Sometimes savings may not always be enough to cover the full cost of your planned renovation. When this occurs, it can be a good idea to take out a personal loan to finance your project.
They are fast and convenient and come in two forms – secured and unsecured.
Make sure to compare personal loans online to ensure you’re getting the best possible deal.