Majority Of Home Owners Planning To Renovate

Dated: 07/21/2014

Views: 908

DAILY REAL ESTATE NEWS | FRIDAY, JULY 18, 2014

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.


How Remodeling Pays Off Big
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., the operator of realtor.com. "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."
Here are some additional survey findings:
Most Popular Reasons for Planned Home Improvements
  • To improve the aesthetics and/or enjoyment of the home (32%)         
  • In preparation for putting house on the market (22%)             
  • Recently purchased a home needing renovations (19%)
  • To improve the value of the home (11%)
Owners' Home-Improvement Budgets for the Next Six Months
  • $2,001 - $5,000 (22%)
  • $5,001 - $10,000 (19%)
  • $10,001 - $20,000 (18%)
  • $20,001 - $50,000 (14%)
Owners' Intentions to Sell
  • Not any time in the foreseeable future (37%)
  • 0 - 6 months (20%)                                                  
  • 1 - 3 years (19%)
  • 4 - 6 years (10%)
Source: Move Inc.

Blog author image

Phil Mount

Phil Mount is an agent at Front Street Brokers in Boise, Idaho. Phil became a licensed REALTOR in August 2009 after a 25 year career as a technology marketing professional. In his first year as an a....

Want to Advertise on this Site?

Latest Blog Posts

Great Meridian Location Close To Everything 1387 White Sands Meridian MLS 9868864

Great Meridian location close to everything!1387 White Sands, Meridian – MLS #9868864Great Meridian location close to shopping, schools, and the outdoors. This home has brand new carpet (w

Read More

Dont Miss This Fully Remodeled North End Beauty 812 N 17th St Boise MLS 98686638

Don’t Miss This Fully Remodeled North End Beauty!812 N 17th St, Boise - MLS #98686638Don’t miss this Gorgeous Remodel in one of Boise’s most desirable areas.  FULL Home Remodel

Read More

Coming Soon Dont Miss This North End Beauty 812 N 17th St Boise

Coming Soon!  Don’t Miss This North End Beauty! 812 N 17th St, Boise Don’t miss this Gorgeous Remodel in one of Boise’s most desirable areas.  Will be listed on Mar 30th and

Read More

Innovative And Contemporary New Construction Walking Distance To BSU 1622 Michigan Boise MLS 9868

Innovative and Contemporary New Construction Walking Distance to BSU!! 1622 Michigan, Boise – MLS #98685508Gorgeous new construction close to downtown and walking distance to BSU! 

Read More