As Channel Nine’s The Block All Stars airs for 2013, a survey has revealed homeowners would rather put their cash into renovations than into other savings or investments.
Mortgage broking company Loan Market said a survey of the company’s home loan customers found 37 per cent were saving for a major renovation over appliances, landscaping, furniture or retirement savings.
The survey showed that 23 per cent of respondents were saving to landscape their property and 30 per cent of Gen-Y respondents said they were saving to buy new appliances or furniture.
Company spokesman Paul Smith said that many lenders looked upon homeowners who were borrowing for renovation purposes favourably because they were investing in their home and adding to its value.
The largest real estate company in Australia, Ray White, backed this sentiment.
“In most cases, the most common initiative you can make to increase your property value and create your dream home is to undertake a renovation,” said Brian White, chairman of the Ray White Group.
“However depending on the size, renovations can be costly and require significant planning.
“For many home owners purchasing the property is only part of their goal, putting a personal touch on the property by renovating a certain room or area, is essential to truly building a dream home,” said Mr White.