Nine out of ten respondents indicated plans to remodel their home at some point, according to a recent survey from online real estate service Trulia. Additionally, nearly 40% of those homeowners are planning a renovation in the next two years, according to The Mortgage Reports.
Younger homeowners are more likely to want to renovate, with 92% of respondents saying they plan to sometime in the future. Just 81% of respondents 65 and older are planning a remodel.
Budget-wise, almost half are planning to spend $5,000 or less on their remodeling projects. Another 20% of respondents expect to spend $10,000 or more. Most homeowners are setting their sights on the kitchen (50% of those surveyed) or the bathroom (45%). About a third want to remodel the bedroom, and 27% want to renovate the living area.
Though renovations can certainly help improve a home’s value on the open market, most remodeling homeowners don’t even have selling on their mind. According to the survey, only 17% of respondents planning to remodel are doing so to sell their home.Read More