When it comes to deciding between buying another home and renovating an existing home, the latter is winning out more often than you think. The reason is apparent: new home prices are shooting up in Australia like they are everywhere else, especially since COVID came on the scene.
Yet another reason is that people often don’t want to leave their homes since that’s where all of their memories are, so renovations are the next best thing. When your home is getting too small or needs an update, a good renovation can change things so that it’s bigger and more modern without the hassles of buying a new home.
Most Popular Home Renovations
When it comes to home renovations in the Gold Coast, kitchen renovations are the most common, with 26% of all renovations being done on the kitchen. The next highest at 23% are living rooms, and it’s easy to understand this particular trend. After all, the kitchen and living room are the rooms where most people’s time is spent when they’re at home, and they are the first rooms to begin looking outdated as the years go by. After kitchens and living rooms, people tend to spend money renovating bedrooms, bathrooms, and laundry rooms the most.
And if you want to know who’s spending money on these projects, the answer isn’t that surprising. More than 75% of the home renovations are done by Baby Boomers (ages 55-74) and Gen Xers (ages 40-54), so young people are shying away from this trend, most likely because they haven’t been in their homes long enough to need a renovation. Most of those people, in fact, only renovate when they’ve purchased an older home, and they feel as though the house needs to be updated.
Other Renovation Trends
Home renovations in the Gold Coast also cost more than many people think they will. In fact, homeowners spend roughly $182,000 on average on each renovation project but keep in mind that the “average” renovation project often includes up to three different rooms.
In addition to costs, many people also renovate for more “emotional” reasons. This means that many people simply want to remain living in the same area and don’t want to move into another house, so renovation is the next best thing. When they renovate, they can remain in their homes but still get a “newer” one in a sense, and it also gives them something to look forward to.
After all, renovating a home is exciting because you can get a brand-new look without the high costs of buying another home and the hassles of moving. The gotcha part could be you’ll have the renovations team remain in your home if you choose not to move out, and in the end, you essentially get a “new” home that you haven’t seen before.
You can choose what you want the new room to look like, and the companies that offer home renovations in the Gold Coast will provide it to you. Renovation Builders who offer services make it as easy as possible for you not to feel inconvenienced, making renovations an excellent option for everyone.