Majority Of Home Owners Planning To Renovate

Dated: 07/21/2014

Views: 897

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.

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 Single Level Home In A Convenient Boise Location 3968 S Oak Brook Way MLS 98674860

Great single level home in a convenient Boise location3968 S Oak Brook Way MLS 98674860Great single level home in a convenient Boise location.  Close to the Greenbelt, Bowne Crossing and all

Read More

Last Remaining Riverfront Lot In Eagles Most Desirable Subdivision 1123 Sherington Eagle MLS 986674

Last Remaining Riverfront Lot in Eagle’s Most Desirable Subdivision1123 Sherington Eagle -MLS 98667459You don’t want to miss the opportunity to build your dream home on the last remaining

Read More

Turn Key Kuna Home Ready For A New Owner

Turn Key Kuna Home Ready For A New Owner1878 W. Oakley Way Kuna ID 83634$214,900MLS: 98674193Contact: Jared Cozby (208) 830-3715Turn key home ready for a new owner! All new flooring - new

Read More

Completely Remodeled Classic Ranch On The Golf Course 4959 Umatilla Ave Boise 83709 MLS 98673494

Completely Remodeled Classic Ranch on the Golf Course.  4959 Umatilla Ave, Boise 83709, MLS 98673494Fall in love with this totally remodeled classic ranch home located on the 1st

Read More