PHOTO:\u00a0State Custodians\u00a0<\/strong><\/p>\nDespite Australia\u2019s love affair with TV renovation shows, the reality is many Australians just can\u2019t be bothered doing renovations.In a new national survey of 1,022 people conducted for mortgage lender State Custodians half of allrespondents (48 per cent) say they want to buy a home that is ready-to-live in straight away and doesn\u2019t need fixing up for years as they don\u2019t want to deal with renos.<\/p>\n
One quarter (25 per cent) of those surveyed say they only want to buy a partially unrenovated home so they can make it their own with updates that suit their style \u2013 such as adding in a fresh new
\nkitchen or bathroom – but not one that requires a great deal of major structural work such as an entirely new back extension. Meanwhile another one quarter (25 per cent) say they want to buy an
\nunrenovated home because it will be cheaper and they can make improvements in time as equity is increased.<\/p>\n
Millennials aged 18 \u2013 34 are the most interested in renovations with 28 per cent saying doingrenovations would ultimately be beneficial to them in some way. State Custodians general manager Joanna Pretty says more people need to consider getting their hands dirty in the name of property ownership if they are having trouble getting a foothold in the
\nmarket.<\/p>\n
\u201cSo many properties on the market these days need to be fixed in some way,\u201d she says. \u201cYoung people especially really have to be prepared to compromise and look at nabbing places within their
\nprice brackets, even if they require work. Minor cosmetic renovations don\u2019t have to be expensive. If you\u2019re prepared to put in the effort you can really put your own stamp on something but also
\nincrease the overall value of a property which is the smart way to go.\u201d Only 19 per cent say they want a totally unrenovated home – as in a true fixer upper – so they can make it their own with renovations that suit their style (19 per cent). A further one in six Aussies (17 per cent) who are interested in buying a property in the future want to buy an unrenovated place as they enjoy fixing up homes and renovating as a hobby.<\/p>\n
Ms Pretty cautions that extra care is needed when it comes to properties which clearly require a great deal of structural work.<\/p>\n
\u201cBuyers who have only a set amount of funds can really get into hot water if the scale of work ends up being a lot more than they initially bargained for. You also have to weigh up whether you\u2019re
\nhappy to live within a big renovation for a period of time which could stretch on a lot longer.<\/p>\n
Ms Pretty says selecting a property which at least has a functional layout and major works already done such as plumbing is the key.<\/p>\n
\u201cI would also always advise to buy into an area that suits your lifestyle, where you can make the work-life balance work for you,\u201d she said. \u201cYou don\u2019t want to be working on something at night and
\nat weekends and then have to face a giant commute to work. That can quickly become a nightmare.\u201d<\/p>\n
About the research The study was conducted for State Custodians by YouGov Galaxy between 20-23 April, 2018. The survey was administered online amongst a nationally representative sample of 1,022 Australians aged 18 years and older who are eligible to vote throughout Australia covering: NSW, ACT, VIC, TAS, QLD, SA and WA. Age, gender and region quotas were applied to the sample. Following the completion of interviewing, the data was weighted by age, gender and region to reflect the latest ABS population estimates.<\/p>\n
About State Custodians Home Loans State Custodians is a highly awarded online lender. We have been recognised as Non- Bank Lender of the Year by Money magazine for five years in a row and our loans have the highest rating for outstanding value from Canstar. We offer a range of home loans to suit a variety of borrowers, from some of the most competitively priced on the market, to options for borrowers having difficulty getting a home loan. Our loans are backed by RESIMAC Limited who have funded home loans in Australia for over 30 years and have achieved a residential loan servicer ranking of 'STRONG', by Standard & Poor's. You can also follow the State Custodians Facebook page.<\/p>\n
For queries please contact:<\/p>\n
Fleur Michell<\/strong>
\nAccount Manager \u2013 Connect PR<\/strong>
\nEmail: fleur@connect-pr.com.au<\/strong><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":"
PHOTO:\u00a0State Custodians\u00a0 Despite Australia\u2019s love affair with TV renovationRead More 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