Being a homeowner means you’re the landlord of your own home – you fix anything that breaks AND you renovate anything that you believe needs to be updated.
A new survey conducted by LightStream found that 73% of homeowners plan to start remodeling this year, which is up 26% from last year. They also plan to spend more money on these projects as well – about 32% more than 2018.
The number one reason most are prepping for these renovations: personalization. The second runner up is to increase the value of their home. So it would seem most of these homeowners aren’t looking to sell anytime soon, but to actually create a space they love.
Which spaces are homeowners looking to renovate?
- Outdoor spaces: 41%
- Bathrooms: 37%
- Kitchen: 31%
- Home repair (windows, roof, etc.): 29%
- Garage: 18%
- Pool: 7%
And while 59% of homeowners stated they either plan to move out in more than 10 years – or never move – these renovations for personal taste make sense in the real estate world.