How Much Do Australians Spend on Home Improvements?
Swimming pools account for most of Australians’ budgets for home upgrades, according to a finder.com.au survey. It showed that homeowners spend more than $21,000, whether they choose to fit their backyard with fibreglass pools from companies like Guardian Pools. But when it comes to renovations, Australians consider the kitchen to be the most important part of the house and spend more for it than any other area.
The survey based its findings on more than 2,000 homeowners, who spent an average of $17,000 for kitchen remodelling or renovations more than any other part of the house. Nationwide, more than 3 million homes have been renovated, according to the poll.
In Queensland, one out of three people decided to upgrade their house due to falling property prices. Low-interest rates also encouraged them to take out a loan to cover the expenses. On the other hand, a majority of the surveyed people used some of their savings for the renovation costs, while others used the equity in their mortgage or borrowed money from family and friends.
The concept of upgrading your house in Perth, whether it involves adding a pool or furnishing, could be a wise move. Some suburbs in the city are expected to attract more investors, so an upgraded house will give you a chance to increase its value further.
According to property consultant Momentum Wealth, the top suburbs in Perth for first-time buyers include Lynwood, South Lake and Craigie. Investors are projected to flock to Bassendean, Warwick, Bibra Lake, Willagee, and Doubleview. Areas such as Nedlands, Bayswater, Booragoon, Scarborough, and Bateman, are the best places for investments as they are within 15 kilometres of the central business district.
Upgrades and Renovations
Home upgrades and renovations can cost a significant amount of money. However, the benefits of a renovated home will be worthwhile as it may allow you to sell it for a higher price when you intend to sell it in the future.