MORE HOME BUYERS HAVE RENOVATION IN MIND

MORE HOME BUYERS HAVE RENOVATION IN MIND

As buyers face more hurdles finding their dream home because of limited inventories, some are settling for a property they can eventually mold into what they want. Over a quarter of renovation projects are being driven by recent home purchases, according to the 5th annual Houzz & Home survey of more than 120,000 respondents. Home owners say they are opting to renovate instead of buying a “perfect” home largely because they think remodeling is a more affordable option or could provide a better return on investment, the survey found.

Recent home buyers invest more in renovation than other home owners β€” $66,600 versus $59,800. They also tend to take on larger projects and are nearly three times as likely to renovate all of their interior spaces than other home owners, according to the survey.
Kitchen remodels are the most popular renovation projects, followed by master and non-master bathrooms. Other top priorities include the addition of home automation and curb-appeal projects, such as upgrading exterior paint, roofing, exterior doors, and decks.

 

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David Ray

About David Ray

David provides viable solutions for sellers, buyers, real estate agents and investors. His areas of expertise include residential, commercial, business and land development. The latest solution is helping sellers with "dated" houses renovate the property for zero cost. Through this solution the seller, the buyer and the community all benefit. After each project is completed, he helps provide thousands of meals to the local food bank.

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