Australia’s renovation market is evaluated to be worth over $31 billion, according to the recent edition of renovations roundup released by the housing industry association. The volume of renovation activity increased over the years.
There is significant demand for the renovation market in Australia at low-interest rates. And also a healthy rate of price growth in critical areas and large cities like Sydney. A survey shows that the price of houses in Sydney is increasing. Therefore homeowners go for house renovations in their current homes. This sector contributes a punch across the Australian economy.
When you buy a new house, there are several reasons for renovation, but most of them go with general enhancement and improvement of the current living conditions. You’ll experience a fresh new look to your home by remodeling. The following are the top reasons why you should renovate your house.
- Save the cost of moving
Renovating your house is always a more comfortable option than selling it and buying a new home. In this way, you’ll avoid the costs and stress of buying a new house. Purchasing a new place will cost you more than making some low-cost renovations in your current home.
- Fix a safety issue
The red alert for renovation is raised when there is a serious issue in your house like cracks in the walls, roof leaks, electrical problems, and other serious problems. The electrical problems arise because of the house owner’s lack of attention in paying to rewire. The modern living demands don’t go in hand with the already installed wiring system with the house’s construction. Therefore, it is no surprise that the house owners don’t realize how much it takes to rewire a house.
The most preferred option is to consult with a professional in this case. Many electrician companies can fix all of your problems within a week, including improved safety and increasing the house’s value. Even if you want to sell the house after wiring, it’ll have more excellent value. In this way, you can make money by improving the safety of your home.
- Increase the value of the property
There are other ventures by which you can renovate your house and prepare it for what is required in the Australian market. You can get a higher price for your home just by upgrading your bathroom and kitchen. Even if you don’t want to sell your house immediately, renovating is a long-term investment that increases the market’s value.
- Lower your electricity bills and improve your home efficiency
Making your house more eco-friendly and improving your house efficiency will result in low electricity bills. Doing second glazing on your heat pump, windows, and doors can save energy. This is done by investing in quality insulation. Insulating your house can save 10 to 50% on your cooling and heating bills.
- Improve the quality of life
Our houses can be impractical sometimes. For example, if you have a bedroom upstairs and two bathrooms downstairs, it would be quite a hassle. Therefore go with a budget-friendly option and make your house as functional as possible. And also, make sure to convert all the unused space into a deliberately adapted interior. Play an architect a little bit and think about all the ways a remodeling and renovation can improve the quality of your life.