A recent survey from Realtor.com, the official website of the National Association of Realtors that is operated by Move Inc., found that many Americans are gearing up to make home improvements within the next six months.
Specifically, the data revealed that 67 percent of more than 1,500 of the site's visitors expect to upgrade parts of their homes within that time period. Additionally, more than two-thirds said they wanted to renovate immediately.
"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, chief marketing officer for Move Inc. "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."
People have various reasons for renovating, whether that be preparing for a home sale or making repairs prior to a home inspection. The top reason noted by the survey was that consumers wanted to improve the look and their enjoyment of the home. Twenty-two percent said they were getting the property ready for the market, 19 percent were repairing a fixer-upper and 11 percent were aiming to raise their home value.
Kitchens are still the top room for renovation
When updating a home, certain rooms tend to add more value. For instance, renovated kitchens or new bathrooms are typically favored compared to other rooms. According to the survey, this sentiment has held true, as 61 percent of respondents said the kitchen is the top spot for renovations. Fifty-nine percent said the same about bathrooms, followed by backyards/patios and exteriors of the home, accounting for 33 percent and 32 percent, respectively.
Before embarking on a renovation project regardless of the room or purpose, it is essential that homeowners cover all their bases. This includes finding the right contractor for the job as well as understanding which improvements add value and which ones can turn the project into a money pit.
Decks, for example, are a great way to add value because they can be a low-maintenance exterior feature. The same is true of stone countertops and updated appliances. High-maintenance water features such as swimming pools, on the other hand, aren't as beneficial for resale value.