TIP-TOEING around the real estate market as the financial crisis sinks its teeth into the property market?

Now could be the ideal time to make do and fix up what’s already yours, HIA spokeswoman Nassim Khadem says.

That means a makeover.

“Now is a good time to renovate because the cost of borrowing is cheap,” Khadem says.

“And the cost of some building materials is coming down, so if you’re doing a major renovation you could be better off.

“There is still a shortage of trades people, but the shortage isn’t as acute as it was some years ago.”

Khadem says lower building and borrowing costs have translated into record consumer spending on renovations.

“HIA research shows renovations investment increased 9 per cent in 2007-08,” she says.

“A steady 2008-09 is forecast, with some downside risk. But by 2010-11 it’s expected the renovations market will have grown 7 per cent and be worth nearly $7.4 billion.”

Though anecdotal evidence suggests large-scale renovations have largely been put on the backburner because of economic instability, kitchen and bathroom renovations remain popular.

“Kitchen and bathroom renovations are among the most popular renovations people do,” Khadem says. “Kitchens have become the jewel of the home.

“The kitchen is a central feature in open-plan living and consumers are willing to spend a lot to make their kitchens appealing.”

She says glass splashbacks, stone benchtops and European appliances remain in vogue.

Her tips for bathroom renovations are simple designs, big tiles and stone benchtops.

New environmentally friendly designs and products are also gaining popularity.

Renovation costs differ, depending on the extent of the makeover, but big renovations and high-end jobs such as installing a new kitchen with the latest European appliances and stone benchtops can cost upwards of $20,000.

Simple renovations such as paving, general repairs and landscaping can cost $5000 to $15,000.

For more information visit www.hia.com.au