Inflation, recession, supply chain problems—apparently, none of these things will stop homeowners from fixing up their humble abodes. A new survey from Houzz polling 4,000 homeowners in October found that only 1% had canceled a home improvement project recently. On the contrary, it’s full steam ahead: More than a third (37%) proudly say they’ve finished a home renovation project in 2022, with half of this cohort saying they’ll start hammering away on new upgrades starting next year. These survey results underscore how undeterred homeowners are when it comes to making their homes more comfortable, “despite various industry and economic headwinds,” notes Houzz economist Marine Sargsyan. Photo by Diane Bishop InteriorsEven more surprising? Folks aren’t fixing up their houses with the intention of selling anytime soon. They’re in it for the long haul. “More than half of the homeowners we surveyed have no intention of selling or moving out of their current residences in the next 20 years—or ever,” says Sargsyan. A key takeaway from this study: Improve the lot you own, rather than move and face skyrocketing mortgage rates, which have just recently reached a 20-year high and could spiral even higher next year. Among the priority updates slated for the new year are projects for the bathroom (37%) and kitchen (33%). And folks are ready to shell out to get what they want, as the planned median amount they’ll spend is a sizable $25,000. Here’s more from the report, including the most popular renovations, the difficulties people face during these rehab projects, and more that might inspire you to try improving your own domicile, too.
Photo by Wilber Windows & Doors
Exteriors are getting new windows and skylights
Among those who are sprucing up their exteriors, windows or skylights were the most popular improvement (43%), closely followed by new doors (42%), paint (36%), porches or balconies (32%), and decks (31%).
Many old houses need new plumbing and electrical
Remaining in an older home means the mechanicals are in need of some love—and money. “A continuing focus on systems updates stands to reason given that the median age of a home in the U.S. is over 40 years,” says Sargsyan. The top improvements here were electrical (49%) and plumbing (48%), and then heating and security (tied at 34%).
The top challenges renovating today
Despite their resolve to renovate, forging ahead takes steely nerves. Homeowners reported supply chain backups and trouble nabbing the right materials and products as the two top challenges they faced equally at 37%. Other woes included finding the right pros to help on the job and staying on budget (both 27%). Timing is hard to nail, with many folks misjudging how long it takes to plan and start a project. Fact: It takes an average of nine months or more to complete a renovation. “And home remodeling and design professionals are currently working with long backlogs, so it’s important to get on their radar early,” notes Sargsyan.
Staying put appeals
For those who are redoing their homes, the top reason is the desire to stay in their home rather than move (63%). Many also stay because they love their neighborhood (34%), which was followed by a desire to personalize certain features at home (32%). Jennifer Kelly Geddes creates content for WhatToExpect.com, the National Sleep Foundation, American Airlines Vacations, Oxo, and Mastercard. (Photos courtesy of Caroline Myers Interior Design / Patrick Prudhomme at Sheffield Furniture & Interiors / RND Technology via Houzz)
Renovations, no matter how small, add value to your life by making you happy with your home, and they add value to your property, as well. If you choose to relocate, Brian Parker offers expert advice on selling in Parker, CO.
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Reading your article helped me a lot and I agree with you. But I still have some doubts, can you clarify for me? I’ll keep an eye out for your answers.
Incredible, blog yang hebat! Saya sangat terkesan dengan kontennya yang menarik dan menyenangkan. Setiap artikel memberikan informasi segar dan menyenangkan. Saya sungguh-sungguh menikmati menelusuri setiap kata. Semangat terus! Sudah tidak sabar untuk membaca konten mendatang. Terima kasih atas dedikasi dalam berbagi pengetahuan yang memberi manfaat dan memberikan inspirasi. Keep up the great work! linetogel
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