Home Extension & Renovation Cost Index
The HERC Index remains stable this month, with no change from September.
On the subject of renovation costs, you may find the following media commentary of interest.
In the article Avoid being stumped by renovations (AFR, October 8, 2015), it is revealed that “home owners are spending nearly a third more on DIY or professional home renovations than they did 10 years ago” based on data from the Australian Bureau of Statistics. The author also highlights the need to ensure you are getting good value for money and keeping a watchful eye on costs.
“You have to do your due diligence,” warns Daren McDonald, partner with ShineWing Australia and adviser to the property and construction industry… “Make sure you are getting the best team of professionals. Ask friends and contacts who have had a good experience with builders or tradesmen, and then ask these for referrals.”
Robert Auricchio specialises in building disputes with law firm Slater & Gordon, and is quoted with the following sage advice for homeowners: “Cheap prices and quotes from a builder are a sure sign you are headed for disaster… One trick is the builder providing a cheap quote and then stinging the client with additions to make up the shortfall.”
The article finishes with the advice to check the qualifications, certifications, and insurances of your builder and tradesmen and – equally importantly – to ensure that the quote is comprehensive so you are not caught out with unforeseen charges. All very valid advice for those considering an extension or renovation in the near future, as the right provider can ensure your experience is a positive one.