A new survey has profiled the reasons behind why more property owners are renovating their homes – and what they prioritise during this process.
The recent Houzz & Home Australia survey has determined the top five reasons that inspire investors to start renovations on their home.
In 2018, 37 per cent of home owners decided to start renovations simply because they “finally found time to do it”, having wanted to for years.
Thirty-four per cent said their financial position in 2017 allowed them to start renovations, while 26 per cent said the reason was because they'd moved into the property and wanted to customise it.
Meanwhile, 22 per cent said they started renovations in 2018 as a means to adapt to recent changes in family and/or lifestyle, while 15 per cent did so to address recently discovered deterioration/damage due to factors such as age and termites.
The survey also shed light on what home owners prioritise during renovations.
Seventy-two per cent want to improve design, look and feel, 68 per cent want to improve functionality, 49 per cent want to increase resale value, and 43 per cent want to improve energy efficiency.
A further 43 per cent want to minimise costs of improvements, 24 per cent want to address health concerns, 22 per cent want to integrate “green” materials, and 12 per cent want to integrate smart technology.