THEY may be a tempting addition considering the recent heatwave hitting Australia’s east coast but swimming pools are also the biggest drain on home renovators’ finances, a new study shows.
The research surveyed Australians who had renovated their homes with the aim of determining the most common and expensive home improvements, revealing homeowners who had added a pool spent an average of $21,429.
This was more than the $16,883 typically spent on kitchen renovations and $12,460 spent sprucing up the average bathroom, the analysis by comparison site Finder.com.au showed.
Splashing out on a pool also cost the average Australian homeowner nearly double what it cost to install an outdoor deck, which cost $12,392, on average.
Sprucing up the outdoor area and gardens ($11,446) and replacing flooring ($9,738) were other significant refurb costs.
The research comes as additional valuations data revealed swimming pools were the home feature that tended to add the least value to a property’s eventual sales price.
Kitchen and bathroom renovations, on the other hand, tended to produce the highest return on investment.
Finder.com.au money expert Bessie Hassan said the high costs of renovating properties should be a warning to homeowners to carefully consider which home improvements to make.
“A lot of Australia’s housing stock is ageing and investing in a renovation doesn’t come cheap,” she said. “Rooms like kitchens and bathrooms can be budget breakers and need careful planning.”
“Pools are one of those things that you rarely get your money back for at sale time, so look at doing some landscaping instead,” she said.
Homeowners used vastly different ways to finance their renovations. The majority (71 per cent) used savings, while one in eight (12 per cent) used the equity in their mortgage.
Nearly one in ten (9 per cent) put the renovation costs on credit card, while slightly fewer (7 per cent) took out a personal loan. The remaining 1 per cent hit up family and friends to borrow the money.
Source: Aiden Devine – Daily Telegraph – 11 January 2018