In a February 2012 survey, published recently on Houzz.com, homeowners that are looking to spend money on home improvement in the next two years are overwhelmingly focused on livability over resale value. Great news for the remodeling market, as more homeowners choose to stay put and improve upon their existing homes.
Check out the full article at Houzz.com or see excerpts below:
Even as new and existing home sales and prices climb, homeowners are prioritizing aesthetics before profit, according to the February 2012 Houzz & Home Survey conducted among users of the Houzz app and website. Results are based on 29,127 respondents (87 percent homeowners, 13 percent renters).
Among homeowners planning to build, remodel or decorate in the next two years:
- 86 percent cited improving the look and feel of the space as an important driver for remodeling projects
- 47 percent cited increasing home value
The gap between these priorities was consistent across all income levels and demographic groups.
Of today’s homeowners, 70 percent do not plan to take out a loan to pay for that beautiful home. They’d rather cut back on vacations and other big-ticket items or do some of the work themselves than delay or decrease the budget for their home improvement plans.
Even upscale homeowners are taking a hands-on approach to building, remodeling and decorating projects. The survey found that while 45 percent of households at upper income levels ($150,000 per year or more) are choosing to hire an architect, an interior designer, a general contractor or another remodeling or decorating professional to complete a project in its entirety, an equal number of them are combining professional help and DIY efforts. That proportion is only slightly less than the 49 percent taking this combination approach in lower income brackets.