{"id":33728,"date":"2023-08-04T11:20:34","date_gmt":"2023-08-04T01:20:34","guid":{"rendered":"https:\/\/www.dnister.com.au\/?p=33728"},"modified":"2023-09-05T11:05:56","modified_gmt":"2023-09-05T01:05:56","slug":"where-homeowners-are-spending-1-billion-a-month","status":"publish","type":"post","link":"https:\/\/uat.dnister.com.au\/uk\/where-homeowners-are-spending-1-billion-a-month\/","title":{"rendered":"Where homeowners are spending $1 billion a month!"},"content":{"rendered":"

Australians are showering their homes with $1 billion worth of love each month as home improvement spending ramps up. We look at the cost of popular renovations \u2013 and how to foot the bill. Belts may be tightening but not, it seems, for renovators.<\/p>\n

The latest\u00a0figures from the ABS<\/a> show Australians spent a whopping $1,044 million on home renovations in May 2023 alone. That\u2019s up 4.3% on the previous month. Our passion for renovating may stem from binge-watching home improvement shows through the pandemic. But there could be another factor at play. It can simply be a lot cheaper to renovate your home than to sell up and buy elsewhere. If you\u2019re thinking of a few home improvements, here\u2019s what to consider.<\/p>\n

What are the most popular renovations?<\/h3>\n

The\u00a02022 Houzz & Home Report<\/a> reveals which rooms Australians have targeted for home improvements. The kitchen comes up trumps, accounting for almost one in four (23%) renovations. Other top contenders were living room, bathroom, and bedroom makeovers (each 20%).<\/p>\n

How much will a renovation cost?<\/h3>\n

A key step in planning a renovation is crunching the numbers to know the likely cost. This is a must-do before you start collecting colour charts and carpet samples. Smaller renovations can be affordable do-it-yourself projects. For any structural or specialist work it pays to call in the tradies \u2013 and that\u2019s when the cost can start to escalate.<\/p>\n

The\u00a0latest Archicentre Cost Guide<\/a> sets out typical costs for popular home improvements. As a guide, you can expect to pay:<\/p>\n

\u2013 $75-$120 per square metre to polish timber floorboards;
\n\u2013 up to $35 per square metre for interior painting;
\n\u2013 up to $4,600 for an extension; and
\n\u2013 up to $48,000 for a new kitchen (excluding appliances).<\/p>\n

While home improvements may not come cheap, quality renovations can boost your lifestyle and your home\u2019s value. They can also be a money-saver \u2013 \u2018green\u2019 improvements such as installing rooftop solar panels can put money back in your hip pocket through lower utility bills.<\/p>\n

How to pay for renovations<\/h3>\n

Working out how you\u2019ll pay for a renovation is an essential part of the planning process. You need to be sure you can comfortably afford the improvements and avoid the not-so-exciting prospect of running out of funds mid-way through a project.<\/p>\n

Using cash savings or a personal loan may be suitable for smaller projects \u2013 the shorter term of a personal loan (usually less than five years) can help keep a lid on the interest cost. For more expensive projects, a home loan top-up can be a quick and easy solution, though it can hinge on you having sufficient home equity to qualify for additional funds. At the top end of the scale, a dedicated renovation or construction loan is another option.<\/p>\n

\u201cOur dedicated lending team will work together with you to help make a plan that best suits you.\u201d said Dnister\u2019s Lending and Member Services Executive, Ivanka Bernyk. \u201cDnister\u2019s wide range of competitive loan products are designed to cater to our Member\u2019s needs.\u201d<\/p>\n

These can work by drip-feeding funds as different stages of the project are ticked off. You generally only pay interest on funds drawn down, making the cost more manageable.<\/p>\n

Get started on your renovation<\/h3>\n

If a renovation is on your bucket list, call us to discover the options available to fund your project \u2013 and the costs involved. Call Dnister today on 1800 353 041 and arrange to speak with a Lending Specialist or book an appointment\u00a0online.<\/a><\/p>\n

 <\/p>\n

Disclaimer:<\/strong>\u00a0 The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. In providing you with this information you should consider the appropriateness of this advice with regard to your particular financial situation and needs. We advise that you carefully read our Home Loan Key Facts Sheet and TMD before acquiring a loan product. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent. Applications are subject to Dnister credit assessment criteria. Interest rates are subject to change without notice and should be verified with your local branch. Terms and conditions, including fees and charges, apply. For full details on our products and an analysis of your personal requirements, please arrange for an appointment with one of our friendly lending staff by contacting your local Dnister branch.<\/p>","protected":false},"excerpt":{"rendered":"

Australians are showering their homes with $1 billion worth of love each month as home improvement spending ramps up. We look at the cost of popular renovations \u2013 and how to foot the bill. Belts may be tightening but not, it seems, for renovators. The latest\u00a0figures from the ABS show Australians spent a whopping $1,044 […]<\/a><\/p>\n","protected":false},"author":12,"featured_media":33729,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[],"class_list":["post-33728","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"yoast_head":"\nWhere homeowners are spending $1 billion a month! - Dnister Bank<\/title>\n<meta name=\"description\" content=\"Australians are showering their homes with $1 billion worth of love each month as home improvement spending ramps up. 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