Thinking of doing a home renovation? You’re not alone. According to the 2018 Houzz & Home Report, the surge in new projects has steadily risen. In fact, 51% of owners either began or continued to work on renovations in the past year. But it’s not just folks that have owned their spaces for a long time either. In fact, first-time homeowners are investing a lot into giving their spaces brand new updates.
Wonder what are the most popular rooms to get renovated? At the top are kitchens with a total of 31% of renovating homeowners sprucing up their culinary spaces. While you might think folks would follow up with living rooms, that’s not the case. Guest bathrooms are coming in next at 27% and master bathrooms at 24%. The reason? These renos are likely to increase home resale costs significantly. Four in five renovating homeowners report that kitchens and master bathroom upgrades increased the value of their home with one third of kitchen renovators believing that it has increased by at least the full amount of the project cost.
"All of the evidence from our research points to 2018 likely being another robust year for the home improvement industry,” explains Nino Sitchinava, Houzz principal economist. “Recent buyers and long-term homeowners alike are keen on investing in major projects. Kitchens and bathrooms continue to fuel spend, while exterior features and systems, such as home security and automation, are on the rise.”
Another factor that has contributed to the many home updates? Recent national disasters. After Hurricane Harvey, the median spend on home renovations in the Houston metro area increased by a whopping 60%. “Houston’s rebuilding activity has brought the city’s median renovation spend up to one of the highest in the nation, while coastal cities maintain nearly double the median national spend,” shares Sitchinava. “We expect the momentum to continue in 2018."
Another place of growth? Smart homes. With tech innovations on the rise for homes, many are stepping up to make their homes efficient and secure. One huge stat? Home security installations up a whopping 50% over the last two years. So while folks are spending more time and money on our homes, naturally they are also putting in the funds to protect them.
Want to learn more stats on what is trending in the reno world? We recommend checking out the full report for more details.