Friday
December 19, 2014

Majority of Home Owners Planning to Renovate

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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.

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.