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Published on September 2nd, 2015

Adding value: What are the most cost-effective home improvements?

Many Australians choose a residential property based on the improvements that can be made to it. While there are a plethora of people out there who want to purchase a piece of real estate and do absolutely nothing, the popularity of DIY suggests there are more who want to get their hands dirty.

A long-lasting love affair

An example of just how high the uptake of home improvements has been is evidenced by massive increases in the uptake of tools and equipment across the country. In fact, the sales of power tools increased by 3 per cent year-on-year in 2014, which accounts for a huge $736 million, according to insights from Euromonitor International.

DIY is no new trend, either. The Australian Bureau of Statistics (ABS) has been collating research for decades. Even back in 1999, it reported that 58 per cent of owner occupiers had carried out some type of home improvement work in the previous 10 years.

Why improve?

The ABS also highlighted a number of reasons behind the trend as to why so many Australians are choosing to expand and better their homes. There are three main points that tend to be behind any renovation-like work:

  • The homeowner likes the location or house where they are, and would prefer not to move.
  • Improvements are generally cheaper than changing home completely.
  • Renovation work and upgrades can add value to the property.

It’s the latter of those points that homeowners should be most attuned to. After all, there are few residential property owners who stay where they are forever, so knowing that you can secure a satisfactory rate of return in a competitive market is key.

Elders Springwood have a range of properties that are a renovators delight. Call the office today on 07 3208 4199Renovating

 

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