I am currently in the process of renovating my house. Actually in truth I am not sure if you can call it renovating when in fact we built our house nearly eight years ago and just never got around to finishing it - nonetheless home improvements are on the horizon and it seems I am not alone.
According to a new online consumer poll from Archicentre, more 74% of people intend to renovate their existing homes within the next two years. Only 14.6% would purchase a new property and 10.7% would buy an investment property.
David Hallett, Victorian State Manager of Archicentre says: "Whilst renovation costs at this stage are remaining reasonably static, the major challenges for renovators and owner builders is to ensure that they get the design of the renovation correct to ensure it delivers a sustainable lifestyle on budget.
"For new houses and major renovations, the cost structure is approximately 46% on materials, labour 33%, and 21% on fees, levies, permits, taxes, and GST. The cost will vary for country areas adding 5% to 15% to the renovation."
Mr Hallett said the biggest challenge renovators and owner builder's face is getting their original design right, gaining competitive tenders, which can reveal up to 50% variance in costs, and managing the project to deliver the quality paid for, on time and on budget.
Planning your own renovation or experienced a renovation success or disaster? Tell us about it!