What sort of renovations could be popular this year?

Unsure about renovating your current property? There are other alternatives to simply buying a new house.

Why not consider taking out a loan to upgrade your current property? It could be just what you need to give it a breath of fresh air and turn it into the home you’ve always wanted. However what sort of changes are people making?

Changes that matter

The ‘Houzz and Home Australia’ 2015 report takes an extensive look into renovation activity around last year and what people expected to accomplish this year. The report shows that 75 per cent of homeowners on the organisation’s database made home upgrades in 2014 and planned to do more in 2015. Renovating was also the most frequent type of home-related activity planned for the year, even slightly edging out decorating.

Overall, there was a great variety of home improvement projects recorded. The release shows that more than three-quarters of people made upgrades to the main structure of their home. Of these, 30 per cent of renovators made changes to their living room, making it the most common type of upgrade. The next most popular renovations were made to the kitchen (27 per cent), guest bedroom (23 per cent) and master bathroom (20 per cent).

The findings are interesting, as kitchen and bathroom upgrades are consistently cited as the most value-adding improvements – neither of which were the most popular renovation. This could show that people are renovating out of personal comfort and taste more so than for profit purposes. If you’re thinking of taking out a Border Bank loan to make some upgrades of your own, you too might do it as lifestyle improvement choice rather than for a bigger payout on sales day. Still, remember that these two don’t have to be mutually exclusive.

Outdoor appeal

Aussies love a good backyard. Houzz’s report reveals that in 2014, outdoor renovations were consistently more popular than indoor upgrades across the states. That being said, New South Wales had the closest balance, with the difference between the two only being 1 per cent.

If you need finance for an exciting renovation project, don’t hesitate to contact the lending professionals at Border Bank. We’ll ensure you get the home you’ve always dreamt about – minus the packing and moving.