Have you been following the current home improvement trends across the country? Do you know what are the most common projects, what are the biggest motivators for renovating, or how many of your neighbors are secretly launching their own DIY plans on the weekends?
New data from the Census Bureau and HUD released in the American Housing Survey shows U.S. homeowners still spending hundreds of billions on home improvement and remodeling projects. Let’s take a look at some of the home improvement trend highlights…
- 57% of homeowners (76 million) made improvements between 2009-2011
- The 3 most common investments were appliances, flooring and windows or doors
- 25% made energy efficient improvements
- 37% opted for a DIY approach (44 million projects)
- Over 830,000 repairs were due to disasters
- The largest categories for expenditures were roofing, kitchens and HVAC
So, what do these trends mean for those trying to sell a home fast, real estate investors flipping houses, and those buying homes?
- The above items are likely also the features home buyers put the most emphasis on.
- This indicates some of the most important items home sellers and real estate investors should be focusing on when flipping houses or attempting to sell homes fast.
- It alludes to the strongest related industries for those looking for jobs or business opportunities but do not feel cut out to be full time real estate investors.
- Identifies the home features which may help homeowners retain the most resale value.
However, before you break out the sledgehammer take a look at the average reported expenditures for common projects and make sure you aren’t going over the top:
- Bedrooms $2,500
- Bathrooms $2,432
- Doors/ windows $1,200
- Kitchens $5,000
- Rec rooms $3,000
- Flooring, paneling, ceiling $1,200
- HVAC $3,600
- Garage $15,000
Do you currently have any home improvement projects in the works or on the horizon?
