Home Renovations — Everybody’s Doing It
Home renovations are on the rise. Whether it’s an update before selling or a complete remodel to meet the needs of homeowners planning to stay, the amount of owners engaging in home renovations is at an all time high according to a 2017 report by Metrostudy.
In both cases, stay or go, the rise in renovations can be attributed to rising economics. With continued low mortgage rates, growth in existing home sales, strong fundamentals in the stock market and gains in job and wage growth, we’ve seen resurgence in home remodeling.
Increased Appeal
Increased value and wanting to stand out are two of the reasons sellers are turning to home renovations. With a gap in the amount of new homes built in the last 10 years, many of the existing homes for sale were built in the late 1990’s and early 2000’s. Changes in architecture, décor and finishes over the last 15 to 20 years can impact the homes value. For owners wanting to achieve maximum sales price, updates that reflect what today’s Arizona home buyer wants can be the difference between achieving or reducing that number. For sellers, those renovations don’t have to be extensive to make a difference; sometimes it is as simple as “neutralizing” a home. Simplify paint colors, eliminate over-the-top architectural features, add lighting or update paint to brighten up the space. Statistics show that quality renovations can add as much as 20% to the value of a home, so making the right home remodeling updates can translate into higher asking prices for sellers putting their home on the market. 2
Benefits to Non-Movers
Lack of inventory, love of neighborhood or just the desire not to move are some of the reasons homeowners gave when asked why they choose to renovate or move. When you find the right location, close to schools, great neighbors, wonderful restaurants, it’s easier to change the house than leave. So homeowners are investing the time and money to make their homes fit their family and lifestyle. From adding square footage to creating outdoor living spaces, renovations are taking place on both the interiors and exteriors of our homes.
Access to Design Tools & Tips
The goal of modifying the home to fit you is nothing new, but today’s renovators have more access to information, images and ideas than ever before. Whether it’s HGTV, DIY Network, Instagram or Pinterest, homeowners are influenced by what they see online and watch on television. From farmhouse chic renovations to mid-century modern, no matter what your favorite style or era you have access to the latest and greatest “drool worthy” homes to inspire you. There are so many images and ideas available that #HomeEnvy is a real thing. Next month we will share tips on looking for your perfect “Fixer Upper”.
