Renovations Homeowners Are Eyeing This Year

Outdoor improvements, including decks, patios, and landscaping, remained highest on owners’ to-do lists for the fifth consecutive year. Interior renovations also are popular: Nearly a third of homeowners say they plan to remodel a bathroom, and more than one in four say they plan to update their kitchen, according to a recent survey by LightStream Home Improvement

65 percent of survey respondents saying they’ll take on at least some of the work. Thirty-five percent of the group say they’ll do the entire project on their own.

Also, budgets for renovations are increasing. Forty-five percent of homeowners who are planning a renovation project say they’re willing to spend $5,000 or more—a record high for the survey. The number of respondents who plan to spend $35,000 or more doubled from 2017.

Source: “Home Improvement Ramps Up in 2018,” The LightStream blog (Feb. 27, 2018)

Majority of Home Owners Planning to Renovate

Sixty-seven percent of consumers say they’re planning a home renovation within the next six months, according to realtor.com®’s Home Improvement Survey of more than 1,500 home owners. They’re planning to spend more money on their renovations than last year, the survey found.

The most common budget range for home improvements was between $2,001 and $5,000. Eighteen percent of respondents who say they plan to renovate before the end of the year are budgeting $10,000 to $20,000 on their renovation.

Respondents indicated that these are the most popular areas of the home to renovate: the kitchen (61%), bathrooms (59%), backyards or patios (33%), and the exterior of the home (32%).

“With 32 percent of consumers planning to spend money on improving the look and feel of their homes, home buyers should think about purchasing homes that require renovations,” says Barbara O’Connor, chief marketing officer for Move Inc. “By considering these kinds of homes, buyers open themselves up to more affordable options and the ability to renovate their homes to fit their specific needs and tastes.”

Additional survey findings at: Source  Move Inc.