Yes! It’s finally time for me to renovate my own home! After twelve year’s of being unsatisfied with my floorplan, 2020 is the year it all changes – and I’m super excited. For me, the reasons why (and when) to renovate come down to various factors – waiting to pay off my mortgage and being fed up with my floor plan that offered no views, no privacy and poor lighting. These are significant problems that I’m sure many of you can relate to.
However, it’s not only issues that lead people to undergo a home renovation.
Houzz’s Overview of Home Renovation in 2018 and 2019 survey found that 50% of survey participants renovated their home in 2018, and 47% were planning to renovate their home in 2019.
The same study also found that half the homeowners on Houzz renovated an average of three rooms per project, at an overall median spend of $20,000. This median spend was actually down on the previous years. In 2017, the median spend was $25,000, and in 2016 it was $23,000.
Continue reading as I inspect the finding of Houzz’s survey in more detail, breaking down the top five reasons why homeowners renovated in 2018 and 2019.
1. You finally have the time
Coming in as the number one reason to undergo a home renovation, at 38%, was the fact that homeowners finally had the time to dedicate to the project. To me, this isn’t a surprise. Planning a renovation is a massive job and often takes longer than the renovation itself.
Along with working out the floor plan, you have to arrange a builder and tradespeople, determine if a structural engineer is required and apply for council approval and then choose your materials and products.
Materials such as tiles, kitchen cabinets, tapware, and bathroom products will determine the style of your new home and also have an impact on the functionality. Therefore careful consideration also needs to be taken at this stage of the planning process.
Beyond the planning, you also then need to consider your living arrangements when the renovation commences. Can you live in your home while it is being renovated or do you have to find temporary accommodation – these are all factors that impact the timing of a home renovation.
2. You finally have the money
Coming in as the second reason to undergo a home renovation, at 34%, was the fact that homeowners finally had the money to invest back into their home. This is a big one, you don’t want to overcapitalise and you also don’t want to take out a bigger mortgage than you already have to fund your renovations.
Many homeowners will wait till they have enough equity or have paid off their mortgage (or at least a fair chunk of is) before they are willing to invest more.
3. To Customise a recently purchased home
Coming in as the third reason to undergo a home renovation, at 26%, was those homeowners who wanted to customise a recently purchased home for their personal needs and requirements. I can relate to this!
With very few vacant blocks of land left in Perth metro, the only real option is to buy a house already built. But, you don’t always get what you want in doing this, which is why this is one of the main reasons people renovate.
Sidenote: the survey also found that 5% of homeowners are planning to sell their home in 2019, and 5% were looking to move into a new home.
4. To adapt to changes in lifestyle or family
Coming in as the fourth reason to undergo a home renovation, at 22%, was the fact that the homeowners family structure or lifestyle had changed.
Children move out, and as we age, our needs change. Therefore, it presents an opportunity and reason to look at how a house can work better for you through undergoing a renovation.
5. To fix damage due to age termites etc.
Coming in as the fourth reason to undergo a home renovation, at 15%, was the fact that the house was damaged due to age or termites and needed to be renovated to fix issues within the dwelling.
Fixing problems such as those mentioned above are vital and should not be put off for too long as they can worsen, and lead to more substantial issues which are more expensive to fix. They will also devalue a home and make it unsalable.
Sidenote: 28% of homeowners are planning to make repairs to their home in 2019.
There are many reasons to undergo a home renovation in Perth. However, if we go off the results of Houzz’s Overview of Home Renovation in 2018 and 2019 survey, the top five reasons are the fact that homeowners finally have the time, finally have the money, to customise a recently purchased home, to adapt to changed in lifestyle or family and to fix damage due to age or termites etc.
If you’re one of the Perth homeowners planning to renovate your home in 2020, then trust Ross’s Discount Home Centre with all your renovation materials and products. We have everything you need to complete your home renovation – all in stock and under the one roof!
Start shopping in our online store today.