The low interest rates currently being paid by homeowners are prompting many to consider updating their kitchens, it has been noted.Builder Greg Pearce told the Brisbane Times that savings being made on mortgages are leading to an increase in renovations.Installing new kitchen sinks or countertops may be on the agenda, as the news source observed that the improvements come as signs of economic recovery are being seen.Mr Pearce explained that homeowners are recognising the fact that with repayments being lower than in the past, if they spend the money now in another few years the property will go back up in value and everything theyve spent on it will be worth a lot more.It comes after US-based builder Greg Miedema told the Daily Journal that homeowners are increasingly choosing to install new kitchen fixtures in order to improve their chances of selling a property during the economic downturn.