A Majority of Homeowners Are Tackling Home-Improvement ProjectsBy RISMedia Staff
Home improvement has always been a big part of homeownership, however that part has been growing as of late. In the past 12 months, 68% of homeowners started or completed home improvement projects, while 63% plan to begin one in the next year, according to a new report from LendingTree.
LendingTree’s latest report surveyed 2,200 U.S. homeowners on their opinions and plans surrounding home improvement projects to reveal the most popular improvements and how consumers pay for their upgrades. Key highlights:
According to LendingTree senior economist Jacob Channel, there are a few reasons why millennials are the most likely to take on these projects. “One could be that they’re buying less expensive homes that need more work,” Channel explained. “While there are certainly well-off millennials, members of the generation typically don’t have much wealth compared to their older peers. Owing to this, the only homes that some can afford might be fixer-uppers. Also, millennials may just have more energy to spend on home improvement projects than their older peers.” Channel continued to say that these projects are likely popular because they involve servicing easily visible and/or high-traffic home areas. “The more eyes that something has on it, the more likely people might want to make it as presentable as possible,” he said. “Similarly, the more often a person uses something, like their kitchen or bathroom, the more incentive they have to make sure that it’s working as well as it can. On top of that, some of these projects might be more manageable than others, so people might be more willing to take them on.” Channel concluded that it’s certainly worthwhile for homeowners to make upgrades for this reason—particularly as projects like remodeling a bathroom or sprucing up landscaping can add more value to a home. “For the most part, the better shape that a home is in, the more likely it is to sell and the more money it’ll be worth,” he explained. “Of course, a botched or unfinished project is going to have the opposite effect. A buyer might be willing to pay more for a home with a recently remodeled kitchen, but they’re probably going to ask for a discount if the kitchen remodel is only half done or done poorly.” For the full report, click here. |
Today's Top Stories |