We’ve had a look at the difference to value that changing a bedroom can make – but what other renovations are Melburnians pursuing? After all, it’s a $33 billion industry, as the Housing Industry Association noted – we can’t be spending all of that money just in the bedroom.
Recent Roy Morgan Research has unveiled some of the big changes in the renovations market in the last few years – which might influence your DIY decisions in the coming 12 months.
In: Doing the plumbing ourselves
In 2013, 2.87 million Australians had conducted some kind of plumbing work in their own home. By 2016, this figure had increased to 3.38 million people. Clearly, we’re feeling more confident fixing up those leaky taps!
However, it’s important to remember that for the hard work, using a professional might be the best idea – even if it puts you out of pocket a bit. According to Home Improvement Pages, you’ll be looking at anywhere between $60 and $140 to fix leaky taps and toilets, while re-plumbing your entire home will cost somewhere in the realm of $12,000.
Weigh up the cost of using a professional versus any potential damage you might inflict on your home if you don’t feel confident about this spot of DIY!
In: Spending large on renovations
The Roy Morgan data also points to a significant increase in more expensive renovation projects. In 2013, 1.95 million spent more than $5,000 on a renovation, but in 2016 the number jumped up to 2.25 million.
We’re clearly a nation with a growing hunger for renovating real estate.
This may seem like an arbitrary figure if you haven’t renovated your Melbourne property before, but it’s a very important threshold. If you are hiring someone to work on renovations worth more than $5,000 in Victoria, there has to be a building contract signed by both parties.
In fact, Consumer Affairs Victoria recommends getting a legal professional to look over all of the paperwork before big-budget renovations begin. There can be cases where work is faulty or sub-standard, leaving you worse off than when you began.
We’re clearly a nation with a growing hunger for renovating real estate, but it’s important to understand what you’re doing. You can end up doing damage to your home, blowing the budget, or simply rushing into a reno that you won’t like in a year or two.
For any advice on managing your real estate, make sure you speak to a professional.