By JONATHON HOWARD
CAPTION: Knowing your limits: DIY renovations have exploded in popularity, but what are some of the traps to avoid.
IT WOULD seem that Australians’ addiction to Do It Yourself (DIY) television shows was being felt closer to home, with 43 per cent of homeowners planning a renovation.
Speaking about the findings from the 2013 Homeowners’ Intention Survey of more than 1000 Australian mortgage holders, Anthony Ferro, local franchise owner/mortgage broker at Mortgage Choice in Toowoomba, said that of people looking to renovate, more than 77 per cent regarded this as a means to improve their quality of living.
When considering how much a homeowner was intending to spend on their renovation plans, the survey found 72 per cent had budgeted $20,000 or less, 20 per cent had allowed between $20,001 and $50,000, and nine per cent had set aside more than $50,000 to create their dream home.
Mr Ferro said that while renovating was a great way to make lifestyle improvements, owners needed to consider a number of factors including (but not limited to):
* Avoid over capitalising: Investigate whether you can achieve your renovation without over capitalising on the investment, that is, when the cost of the project outweighs the value it will add to your property.
* Add up all the costs: Do your homework so you know what costs you are up for from the beginning. Be realistic about what you can achieve with the budget you set yourself, and be sure to stick with it.
* Have a good builder on board: Undertake sufficient research to decide whether you have chosen an expert builder who is fit for your renovation plans. This means getting detailed quotes and testimonials.
