A 2016 study by online home decor site, Houzz, asked U.S. homeowners for details on their renovation habits and tallied up the results. It turns out, the desire to update and improve a home comes naturally to a high percentage of homeowners. Learn what they found and get insight on what home shoppers have on their house hunting wish list!
A Nation of Fixer-Uppers:
More than 61% of American homeowners who responded to the Houzz survey undertook decorating or renovation projects in 2016 – and 54% reported that they had performed some home improvement work. While Millennials, Gen Xers and Baby Boomers nearing retirement all undertook big upgrade projects in roughly the same proportion, 25- to 34-year-old homeowners spent less money on remodeling – and instead focused on decorating.
The Average Spend:
Renovation projects vary greatly in cost, but the average dollar amount spent in 2016 was just under $60,000. Baby Boomers over age 55 reported spending more – upward of $73,000. This group was also more likely to renovate than to move. Recent home buyers reported an average spend of $66,000. Interestingly, the survey reports that 82% of owners use cash from savings, rather than cash, to pay for home upgrades.
Most Popular Projects?
Kitchen redos are the most popular project, taken on by 31% of homeowners in 2016. A major remodel in a larger kitchen cost just over $50,000, on average. Bathroom renovations came in second place, and living room / den updates came in third. Across all projects, 85% of the owners surveyed hired professionals to complete their project. If you’re thinking about taking on pre-sale projects, focus on the kitchen and bathrooms upgrades to make a positive impression on the largest group of potential buyers.
If you aren’t familiar with the Houzz, it’s an interactive resource for both homeowners and professionals, characterized by high-quality photographs and articles. The site gives you the ability to save ideas and to seek advice from other users. In addition to being a great resource for homeowners, Houzz can be a valuable resource for anyone who anticipates buying, selling, decorating or renovating a home.
Use your new knowledge of what buyers want to prioritize future home renovation projects. Doing so will help you make more money and will allow you to appeal to the largest potential pool of buyers, should you choose to sell.