Homeowners Showing Serious Inclinations Towards Renovations
“I LOVE MOVING” …said no one ever. While the excitement that comes with making a new house your own and the enjoyment of that “new house smell” are both powerful forces, there is a growing trend in home ownership that points in a very different direction. More and more homeowners in the U.S. are making the choice to simply stay put in their current homes and RENOVATE. As a matter of fact, according to the most recent Zillow® Housing Aspirations Report, a whopping 76% of homeowners would rather spend their money on a home renovation than as a down payment on a new home. Those statistics jump to 86% for homeowners who are 55+ and to 91% for retirees.
But why stay put when there could be a bright and shiny new home in your future? In addition to a clear dislike of the hassle of moving, the 2018 Zillow Group Report on Consumer Housing Trends indicates that 83% of homeowners surveyed simply love their current home. Furthermore, 63% have no plans of selling in the near future. For those who DO plan to move at some point, a well-planned and beautifully executed renovation is a terrific way to make their home more enjoyable in the present and more attractive to buyers in the future.
As far as the need for renovations go, the 2018 Zillow Group Report on Consumer Housing Trends also indicates that – with the average homeowner spending 16 years in their home – 60% believe their homes are in need of some updates. After all, styles change – as often do the taste levels of owners as they mature over the course of more than a decade and a half. As a matter of fact, 16% believe major renovations are in order and 4% feel a complete overhaul is needed. Of those homeowners who opt to renovate, 17 percent spend between $5,000 and $10,000; 11 percent spend between $10,000 and $20,000; and 8 percent spend $20,000 or more.
With the vast majority of homeowners paying cash for their home renovations – to the tune of 45% – return on investment is a very important factor. Remodeling Magazine’s annual Cost vs. Value report outlines which home renovations will yield the best returns in 2019. Included among them are garage door replacement (recoup 97.5% of cost), manufactured stone veneer (recoup 94.9% of cost), minor kitchen remodel of about $22K (recoup 80.5% of cost), wood deck addition and siding replacement come in neck and neck (recoup 75.6% of cost), entry door replacement (recoup 74.9% of cost), window replacement (recoup 73.4% of cost), roofing replacement (recoup 68.2% of cost) and minor bathroom remodel of about $20K (recoup 67.2% of cost). Also on the list for recouping between 50-67% of the cost on average are major kitchen remodel, bathroom addition, major bathroom remodel, backyard patio and master suite addition.
In addition to being one of Atlanta’s premier custom home builders, Highlight Homes has a rich history of designing and realizing stunning luxury renovations. And with our solid background in architecture and structural engineering, we could virtually reimagine the layout of your home to fit your vision. If you’re among the 76% of homeowners who would opt for a home renovation above a down payment on a new home, we welcome the chance to talk to you! To schedule a no-obligation consultation, contact us at 678-874-9234 or firstname.lastname@example.org. You can also elect to complete our convenient online contact form. To view our work and learn more about our other capabilities, we encourage you to visit www.highlighthomes.com.
Sources: Zillow Media Room – Press Release “Americans Would Rather Renovate than Buy a New Home” 2018 Zillow Group Report on Consumer Housing Trends Remodeling Magazine's annual Cost vs. Value report