A non-major bank has launched a new tool to help homeowners more accurately and easily estimate the cost of home renovations.
Suncorp’s new calculator, powered by CoreLogic, estimates the costs of a wide range of renovation types from simpler projects like internal painting to complete room redesigns. It considers many variables including the type of room being worked on, renovation method being considered and suburb in which the home is located.
The tool was launched in conjunction with the new season of Channel 9’s The Block kicking off on 23 August and, according to Suncorp executive general manager of lending Glenn Haslam, it couldn’t have been more well-timed.
“Finances are top of mind for most Australians and, with people spending more time at home, we know that many Aussies are starting to think about how they can make their house feel more like home,” he explained.
“Before starting any renovation, it’s important to start with a budget. Suncorp’s renovation calculator helps provide tangible guidance on the likely cost you could face depending on the scale of your renovation.
“Our Suncorp lenders and brokers can also help prospective renovators understand options to finance their renovation while also balancing their financial goals.”
Over recent months, the number of Aussies investing in home renovations has steadily increased, according to CEO of CoreLogic International Lisa Claes.
“Schemes such as the HomeBuilder grant have meant that more people are inclined towards a renovation over relocation,” she said.
“As a core sponsor of The Block, Suncorp was searching for a meaningful tool that would help people understand the costs of different types of renovations.
“The renovation tool utilises data which is updated quarterly to estimate the cost of renovations, including trades, services and materials based on the customer’s location and quality of fixtures used. All facets of the build, including labour and materials, are incorporated, which helps to more effectively estimate the total cost.”