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67% Of Consumers Plan Home Improvement Projects In Next 6 Months

4 mins read

If you have been thinking of carrying out a home remodeling project, statistics are available to show that you are in good company. According to a survey carried out by Realtor.com, 67 percent of consumers intended to carry out home improvement projects in the next six months, as at July 2014. Of those interviewed, over two-thirds intended to get started on their home improvement projects immediately. 20 percent of the respondents were looking to sell their homes before the end of the year 2014.

The most common budget for the remodeling projects was between $2,001 and $5,000, highlighting the fact that many homeowners are willing to renovate their homes, but at a budget. Only 18 percent of homeowners were willing to spend between $10,000 and $20,000 for their home improvement projects.

Regardless of the amount of money spent on the home improvement projects, it was found that there were four priority areas that homeowners are focusing on right now. The two tops slots went to kitchens and bathrooms respectively, while backyards and patios came in third and fourth.

67% Of Consumers Plan Home Improvement Projects In Next 6 Months

There are several reasons why homeowners will decide to invest in a home improvement project. The most popular reason is to improve the aesthetics of the home, and in doing so boost enjoyment of the home. 22 percent of the homeowners polled reported that their reason for carrying out their home improvement projects is to prepare for a resale of their home. “Many homeowners are investing in tubing, components for architectural railings, safety railings, kitchen improvements, closet hardware and other home improvements.  Further still, another reason why homeowners will remodel their homes is because they recently purchased a home that requires renovations. Many people will opt to buy homes that require renovations because it is much cheaper than to purchase a house that is in perfect condition.

A fourth reason for home improvement projects is the need to improve the value of the home. Even though there may be no immediate intention to sell your home, improving certain aspects of it increases its value. If you eventually decide to sell your home, you will be able to get better returns if you have actively engaged in renovating certain areas. In fact, 37 percent of those polled were not looking to sell their homes any time in the foreseeable future.  Eric Gonchar, a New York City real estate attorney, has seen an increase in home improvement related legal work, especially when clients are trying to navigate coop and condo boards.

If you are a homeowner, achieving the vision that you have of your home may not be easy but it need not be impossible either. Undertaking home improvement in small steps is a strategy that has been used by many homeowners, and remains popular to date. This means that you can change how your home looks even if you are constrained financially. By starting with your kitchen, you can work your way through other rooms of your home and before you know it you will have your dream home.