10:35AMFriday Apr 18th, 2014

Home Renovations Number One on Home Owners To Do List

investinginpropertyA new survey conducted by Loan Market, a mortgage loan provider has revealed that 37% of home owners were saving for a major renovation on their property this year.

This figure was even higher at 38% in the Generation Y age group.

Loan Market corporate spokesman Paul Smith said that it’s no wonder those in the Gen-Y age group are more likely to save for renovations, as they are investing in property with ‘scope for potential.’

He went on to say that because Gen-Y home buyers are purchasing smaller units with minimal to no backyard space it’s much easier to DIY with home improvements.

Also many of these home buyers invest in property with the idea of living in it for 12 months while renovating it, before putting it on the market for rent.

Mr Smith also explained that lenders look favourably at those borrowing for renovations to their properties because they are investing in their home and therefore increasing its market value.

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