February is a great reminder that home is about more than walls and a roof—it’s about the people and memories inside. I’m truly grateful for the relationships this
Homeowners Prioritize Long-term Living with Recent Home Upgrades
Dated: May 25 2023
Views: 139
Not long ago, many homeowners renovated with an eye toward selling. That’s changed, according to the 2023 U.S. Houzz & Home Study, which found that 61% of homeowners intend to stay in their homes for 11 years.
It found that this year, just 6% of homeowners are renovating with the intention of selling, compared to 12% in 2018.
In addition, among all the generations, baby boomers are leading the renovation activity (59%), and during 2022 spent a median of $24,000.
Much of that renovation activity in 2022 was done to bring aging homes up to date with projects that included upgrades to plumbing (29%), electrical (28%), and home automation (25%). Also, one in five homeowners made cooling and heating system upgrades, spending a median of $5,500 and $5,000, respectively.
Still, renovation of interior spaces is the most popular area for upgrades (72%), with kitchen and bathroom, remodels being the top projects.
In 2022, 28% of homeowners upgraded their kitchen, spending a median of $20,000, while 25% chose to renovate their primary bathroom, spending a median of $13,500.
Houzz says such renovations come with challenges, including finding the right service providers (33%) and products (28%), staying on budget (27%), and staying on schedule (21%).
During 2023, 53% of homeowners plan to continue renovating their homes, with a median planned spend of $15,000. Additionally, 35% of homeowners plan to make repairs during the same period.
See the complete report at https://st.hzcdn.com/static/econ/2023-US-Houzz&Home-Study.pdf.
Randy Smith Team
With over 40 years of combined real estate experience, The Randy Smith Team takes the guess work out of buying and selling real estate. Having sold over 1000 homes sold along the Wasatch Front, we kno....
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