Small construction companies are seeing a boom in renovation work for residential properties, Coldwell Banker Real Estate sales manager Susan Thompson said.

Ms Thompson said some potential buyers are upgrading and remodelling their properties after exhausting the market and not finding what they were looking for in the price range they are looking for.

She also said people are making minor repairs such as painting or cleaning wood work, to get higher prices for their property or some are looking to upgrade their property by adding apartments to help with their mortgage payments.

Although some residents are making cosmetic repairs, a select number are doing major renovations.

?I talked with a few contractors and they said they are overwhelmed with renovation work and it appears that people are hanging on to their properties rather than selling them.?

?If they have a property, they are renovating what they currently have because this seems cost effective or they can?t find what they are looking for.?

Ms Thompson said people may also retain their properties until such time as when they can afford to purchase larger properties or properties with the amenities and features they are looking for.

A-tech Contracting Services Limited general manager Nelson Pacheco agreed that small construction firms are seeing a steady flow of renovation work for residential clients.

?Some homeowners are doing extensive renovations and some are doing minor repairs such as rewiring, plumbing or kitchen work.?

?Other homeowners are upgrading their properties by making additions like bedrooms or upgrading their properties for rental purposes and some people who own houses are moving into them and make renovations to live in the property.?

Mr. Pacheco said if they have any available cash they are using it to make improvements.

Golden Rule Construction owner and director Paul Simons also said he is seeing a lot of renovation work where people are building additional bedrooms.

?Some people are taking advantage of the banks lending money to make renovations and because of the shortage of housing they want to get into the rental housing market.?

He said homeowners want to upgrade the value of their properties and are not selling them and by making upgrades can earn extra rental income.

A spokesman for Castro Contracting said the high demand for renovation work has been happening for the last two or three years.

?Minor repairs are being done and some people are building new kitchens or swimming pools.

Some owners want to accommodate another family so they may add a studio or a bedroom.?