Is a home renovation project on the books this coming year? Turns out; you’re not the only one considering renovating your home! According to a recent survey by Houzz, homeowners are investing more money than ever to remodel their houses. Last year, the report shows that first-time homebuyers spent an average of $33,800 on renovations – up 22 percent from the year before. The study also found that Millennials invested an average of $26,200 in upgrading their home and Baby Boomers spent around three times more than Millennials. The amount spent on home renovations is truly staggering – and, on top of that, Houzz predicts those numbers will keep increasing. Why are homeowners spending more on repairs? As it turns out, Houzz found that young owners are buying fixer-uppers to keep their mortgage payments low! As more people buy fixer-uppers, there is an increased demand for renovations. From remodeling the entire living room to adding smart features to the home, the following projects are the 2016-17 home renovation trends, according to Houzz’s 2017 Overview of U.S. Renovation in 2016 and 2017:
- Homeowners invested 11 percent more, on average, on remodeling interior rooms of the home – excluding kitchens and bathrooms.
- Laundry room spending increased by 24 percent.
- Customization is a main focus. In 2016, many new homeowners decided to completely gut the interior or renovate nearly all of the rooms – all at once.
- According to the survey, more than a quarter of homeowners added smart technology to their homes during renovations.
- Seasoned homebuyers focused on home exterior – paint, windows, doors, decks and more.
- New outdoor lighting is a must for those buying a new home – as one in five homeowners prioritized outdoor lighting.
- Decks and garden beds or borders are the most common outdoor projects.
- Money spent on a smaller master bathroom remodel increased by 10 percent while a larger master bathroom remodel decreased year-over-year. A major remodel is defined by replacing at least the cabinetry/vanity, countertops and toilet.
- Money spent on a major remodel, defined by replacement of at least cabinets and appliances, increased by six percent for smaller kitchens (less than 200 square feet) and declined by six percent for larger kitchens (greater than 200 square feet).
- The master bedroom is key for first-time homebuyers, as it is their third-most-frequent renovation and they are twice as likely to tackle a master bedroom renovation than long-term owners.
- Greater demand for home automation and security upgrades. In general, repeat homebuyers were twice as likely to install home automation and security than long-term owners.
- First-time homebuyers are hiring a lot of specialty contractors, like painters, electricians and plumbers.
- Homeowners with more experience are relying on design/build professionals who offer full-service project management.
Did these renovations inspire you? We would be happy to help you locate home renovation professionals around the greater Austin area to help you implement any and all changes you would like – give us a call today!