Remodeling: A Different Perspective

It appears that homeowners are planning to update their homes over the next few years in a few interesting ways

. Remodeling is becoming a more popular trend as Americans live in their homes longer and homeowners are no longer saying that increasing a home's value is their #1 reason for remodeling.

According to the Houzz Survey:

Livability Trumps Home Value (February, 2012), 84% of respondents (87% homeowners) said improving the look and feel of their homes was the top reason for remodeling projects while only 47% said increasing home value was a reason for planned remodeling projects.

89% of survey respondents are homeowners!

Average home value is high at $450,000 and likely that's because Houzz readers fall at the high end of the real estate market, and homes above $1,000,000 can significantly influence the "average" home value. Average household income is $124,000 which makes perfect sense, to support owning a home with average home value. 78% of homeowners are married and 24% are in their first home.

The Reasons behind Remodeling

Why do people call for help with their home projects? Many homeowners focus on their homes in the first year after buying, and then how they prepare their home for sale. This makes me wonder why more homeowners don't update and repair things as they go, so they can enjoy the home more? In this sense, they can live contented in their home.

When the US economy stalled, we started to see a decline in home maintenance and home remodeling. After that, the government offered tax credits to upgrade homes for energy efficiency. Many homeowners took advantage of these federal and state programs to upgrade windows or buy new appliances. Now we seem to be settling into these new housing trends. We're not moving as frequently so it makes sense that homeowners want to improve their homes, as they expect to be there for years to enjoy their upgrades.

People are focusing on quality of life and recognize that their homes play an important role, i.e. they want to improve the look and feel of their homes. People are also spending more time at home -- more people are working from home, we're making our homes more functional with gym and spa features, we're entertaining at home versus going out and we're taking stay-cations. As people consider activities they're already doing, or would do with the right space and equipment, homeowners are investing in themselves and their homes.

by: Greg Greene

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