A new study has revealed they are forking out an average of almost $70,000 each on projects.
The of more than 14,000 Australian respondents for the Houzz and Home report from Houzz, found many owners were renovating as it was the only way they thought they could stay in the same area and still achieve their dream home.
The study found more than half of respondents, 56 per cent, renovated their home last year with 49 per cent planning to renovate this year.
Almost half of the renovating homeowners did so instead of buying an already “perfect” home because they wanted to continue to live on the same block.
About a third renovated to stay in the same neighbourhood and 29 per cent renovated because it was more affordable than selling and buying something else.
Houzz principal economist, Nino Sitchinava said the results did differ between different generations of homeowners.
She said for millennials, financial considerations, were a main concern.
“Interestingly, while the generation of homeowners between the ages of 24 and 34 still comprise a small share of the homeownership population, we’re finding that they are quite active when it comes to home upgrades, and are eager to make their homes their own,’’ Ms Sitchinava said.
POPULAR RENOVATION PROJECTS
– Kitchens 26 %
– Living/family room 25%
– Bedrooms 20%
– Master bedrooms 19%
– Upgrading plumbing 32%
– Upgrading electrical 31%
– Upgrading cooling 19%
The study found about one third of renovators didn’t take the time to work out a budget before embarking on the work, while about 27 per cent who did work out a budget spent more than they expected.
The biggest reason for spending more than budgeted was deciding during the project to use more upscale products and materials.
Renovators spent $68,300 on average improving their homes in 2015 with kitchens the most expensive reno.
Homeowners spent on average $16,440 on major bathroom renovations.
Growth through innovation/creativity: