Instead of putting their extra money toward a bigger or better next home, many plan to upgrade their current digs and stay put — at least that’s one of the major takeaways from a new survey conducted by The Harris Poll for LightStream, an online lending division of SunTrust Bank.
LightStream’s report shows that 73 per cent of homeowners polled expect to implement home improvements in 2019; that’s a 26 per cent jump from last year’s survey. Budgets are also going up, with homeowners planning to spend on average $9,000 in home improvement projects this year, which marks the highest tab tallied since the survey started in 2014. Projects with bigger price tags are on the agenda, too, with folks expecting to fork over at least $25,000, increasing by 83 per cent over last year alone.
What’s behind these ambitious upgrade plans? Personalization ranked tops (27 per cent) as a chief motivator for investing in a home remodel, followed by increasing home value (14 per cent), improving a home for sale (seven per cent) and preparing for a major life event like a newborn (four per cent). Living space comfort and quality are also a top priority. The most in-demand projects are outdoor living improvements (41 per cent), a bathroom redo (37 per cent), a kitchen remodel (31 per cent), home repairs (29 per cent) and a new/improved garage (18 per cent).
Todd Nelson, senior vice president of Strategic Partnerships for LightStream, says the increased interest in bettering our homes isn’t hard to fathom.
“We found that 59 per cent of homeowners polled say they either plan to never move, or wait at least 10 years or more before doing so. They want their house to be the best for them now rather than for some future unknown buyer,” says Nelson. “They want a home that reflects their lifestyle and family.”
Patricia Lohan, author of The Happy Home: Your Guide To Creating A Happy, Healthy, Wealthy Life, says, “With all the uncertainty in the world, people are looking to create a sanctuary in their homes — a place where they have full control seemingly unaffected by the outside world.
“Remodelling is as impactful as moving, as it changes your life energy and gives an opportunity to upgrade your space and declutter what you no longer want.”
Jessenia Toro, COO of MyHome Design + Remodeling in New York City, says almost any homeowner is a good candidate for home improvement — provided he or she can afford it.
“If you’re planning on selling your home, many projects can increase your resale value. Here, we suggest incorporating items to attract buyers that offer a clear-cut return on investment, such as an updated bathroom or kitchen,” says Toro. “If you plan to stay in your home long term, you’re likely renovating for personal reasons. The value you receive will be intangible by emotionally enhancing your lifestyle; hence, spend money on what you love and appreciate without worrying about recouping your investment.”
If you want to hedge your bets and devote renovation dollars to projects with a greater anticipated ROI, check out Remodeling’s 2019 Cost Vs. Value Report (at remodeling.hw.net/cost-vs-value/2019).
