According to Realtor.com’s latest Home Improvement Survey, 67 percent of U.S. consumers nationwide plan a home renovation within the next six months.
More than 1,500 people participated in the survey. Over two-thirds of respondents plan to renovate an area of their homes immediately, and 20 percent of those surveyed plan to list their homes for sale before the end of 2014.
Similar to last year, the most common budget range for home improvements is between $2,001 and $5,000. Eighteen percent of those planning to renovate before the end of the year expect to spend between $10,000 and $20,000. Home owners are most likely to spend that money remodeling kitchens, bathrooms, backyards or patios. The top reasons for the remodeling are greater enjoyment of the home and improved appearance, according to the survey.
“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,” said Barbara O’Connor, Move’s chief marketing officer. “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.”
According to some analyst, the main beneficiary of this national trend will be the big-box home improvement retailers like Home Depot and Lowe’s.
Most popular reasons for planned home improvements:
32% – To improve the aesthetics and/or enjoyment of the home;
22% – In preparation for putting house on the market;
19% – Recently purchased a home needing renovations; and
11% – To improve the value of the home.
Most popular areas of the home to improve:
61% – Kitchen;
59% – Bathroom(s);
33% – Backyard/patio; and
32% – Exterior of the home.
Range of home improvement budgets for the next six months:
22% – $2,001 – $5,000;
9% – $5,001 – $10,000;
8% – $10,001 – $20,000; and
14% – $20,001 – $50,000.
Range of home improvement budgets in 2013:
20% – $2,001- $5,000;
13% – Up to $500;
11% – $501 – $1,000; and
11% – $1,001 – $2,000.
When do they plan to sell their home?
37% – Not any time in the foreseeable future;
20% – 0 – 6 months;
19% – 1 – 3 years; and
10% – 4 – 6 years.
Ages of survey respondents:
28% – 45 – 54;
26% – 55 – 64;
19% – 35 – 44; and
13% – 22 – 34.
Geographic location:
25% – Southeast;
22% – Midwest;
22% – Northeast;
17% – West; and
13% – Southwest.
Income ranges:
20% – $100,001 – $200,000;
17% – $70,001 – $100,000; and
13% – $50,001 – $70,000.
