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ISCOVER
Staff Reporter
A majority of home owners are choosing to save for renovations before other household upgrades, new research from Loan Market Group has revealed.
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According to the brokerage, 37 per cent of home owners said they were saving for a “major household renovation” in 2013.
Of the 532 respondents, 23 per cent said they were saving to landscape their property, while 30 per cent said they were saving for furniture and other household appliances.
“In most cases, the most common initiative you can take to increase your property value and create your dream home is to undertake a renovation,” Loan Market spokesperson Paul Smith said.
“However, depending on the size, renovations can be costly and require significant planning.”
Mr Smith went on to say that many lenders are currently looking favourably on home owners who are borrowing for renovation purposes because they are investing in their home and adding to its value.
“For many home owners, purchasing the property is only part of their goal. Putting their personal touch on the property by renovating a certain room or area is essential to truly building a dream home,” he said.
