Homeowners Want To Renovate Current Home And Not Buy Their Dream Home
The2016 Houzz and Home survey, released today by Houzz, found that homeowners are remodeling their current homes instead of purchasing their “perfect” home.
The survey, which looks at remodeling activity from 2015, found that 49% of ‘Houzzers’ (aka Houzz users) remodeled their current homes to meet their needs instead of purchasing a new “dream home" because they wished to stay in their current home. In addition, the survey found that 31% of homeowners renovated their current homes because they did not wish to leave their neighborhoods.
The survey also found that Millennials (those aged 25-34) renovated just as much as older generations. 61% of Millenials, Gen Xers (those aged 35-54), and Baby Boomers + (those aged 55 and over) completed a renovation project in 2015. Though the youngest Houzzer generation polled were just as likely to remodel, they weren’t as willing to spend. The survey found that Millennials spent an average of $24,500 on remodels in 2015, whereas Baby Boomers + spent an average of $73,300.
To complete these renovations, Houzzers turned to professionals. The survey says that 85% of homeowners who undertook a renovation in 2015 hired a professional to help them complete their project. The study also found that of all the services contractors, remodelers, and design/build firms offer, homeowners valued delivering a quality result the most, followed by staying on budget, helping to choose the best products and materials, and managing the project.
In terms of projects, kitchens were the top interior renovation: Houzz found that 31% of respondents remodeled their kitchens in 2015. Kitchens are also getting bigger, averaging 255 square feet. In addition, homeowners spent 12% more on their kitchens in 2015 than they did in 2014. Homeowners spent an average of $50,700 on major kitchen remodels larger than 200 square feet.
Houzz’s 2016 Houzz and Home Survey polled over 100,000 Houzz users in the U.S. The survey was conducted by the Farnsworth Group.
For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....