News from the latest Houzz & Home survey is good. Renovation spend is up among first-time homebuyers, and over half of homeowners on Houzz plan to begin or continue renovations this year. What’s more, neither first-time nor repeat homebuyers are shying away from large-scope renovations. Rather, they are jumping in with both feet as they remodel nearly four rooms at the same time. It’s a healthy report from our perspective. But what piques our interest is what the survey reveals to be homeowners’ top triggers, challenges and priorities for home renovations. We thought you’d be interested too…
Top Triggers
Houzz has found—and we concur—that most homeowners prefer living in homes tailor-made for them. So it’s no surprise that more than 80% of recent homebuyers embarked on a renovation to further customize a recently purchased home. Most homeowners, however, wait to commence remodeling until they have the time and money to take on such a project.
Top Challenges
Of course, the desire to renovate is one thing; getting it done is something else entirely. As the study reports, homeowners cite their top renovation challenge as staying on budget, followed by finding the right products and materials, and getting the right service providers, respectively. Notably, first-time homebuyers have a harder time staying true to their budget than do long-term owners—as there can be a bit of a budgeting learning curve with this type of project.
Top Priorities
Homeowners say that improving design is their top priority, followed closely by improving the way their home functions. Increasing resale value was also important—especially to first-time homebuyers— followed by improving energy-efficiencies and minimizing costs. Further, the report found that increasing resale value and integrating smart technologies were of rising significance.
As the largest survey of residential remodeling, building and decorating activity conducted, the annual Houzz & Home report is a useful barometer for our industry. This year’s study compiled information from over 106,000 respondents in the U.S. Find the full report here.