Pleasure not profit the reason for most home renovations: Mortgage Choice survey
The popularity of home renovation reality television shows like Channel Seven's House Rules and Channel Nine's The Block are clearly having an impact on homeowners but a new survey has found that the vast majority of homeowners wish to renovate to improve their quality of living not to sell and make a profit.
Two out of five home owners (43%) surveyed by Mortgage Choice said they are planning to renovate their homes.
However, of these more than three quarters (77.3%) gave as their reason “to improve my quality of living”.
Less than a quarter (22.7%) said they were renovating to sell their home and make a profit with around 15% planning to renovate to accommodate the needs of their growing families.
Hardly any plan to renovate to accommodate grandparents or relatives.
Why are you planning to renovate? | Results |
To improve my quality of living | 77.3% |
For profit | 22.7% |
To accommodate growing children | 9.9% |
To accommodate a new child | 4.3% |
To accommodate grandparents/relatives moving into the same | 0.2% |
Other | 6.3% |
Source: Mortgage Choice
Reflecting the improved lifestyle motivations behind renovating, the kitchen and the bathroom are the areas of the house to get makeovers first, the survey found followed by outdoor entertaining areas and the living room.
What area/room will you renovate first | Results |
Kitchen | 28.2% |
Bathroom | 27.0% |
Outdoor entertainment area | 15.1% |
Living room | 10.4% |
Bedroom | 6.3% |
Laundry | 3.6% |
Study | 1.4% |
Other | 8.1% |
Source: Mortgage Choice
The survey also found that the majority of those planning renovations (53%) plan to make major cosmetic renovations with no structural changes such as re-tiling or replacing kitchen cupboards with just over quarter (27%) planning major structural changes such as increasing room space or change the layout of their home.
Most renovation budgets are under $50,000.
The results of the Mortgage Choice 2013 Homeowners’ Intention Survey was based on the responses of over 1,000 Australian mortgage holders, with 444 answering 'yes' to the question: "Are you planning to renovate your home?"
“While renovations can potentially increase the value of a property, our survey results show that the purpose for many Australians is to improve their lifestyle by customising their home to suit them,” said Mortgage Choice spokesperson Belinda Williamson
“This lifestyle focus was further highlighted by the fact that of those Australians intending to renovate, 15% were looking to renew their outdoor entertainment area first. This was among the top three most popular areas to renovate and followed upgrading the kitchen and bathroom at 28% and 27% of respondents, respectively.”