The holidays are not just a wonderful time for celebration. They also allow you to reflect upon life and consider what you want to achieve in 2023.
New Year’s resolutions don’t just have to involve changing habits. They can also be tangible goals that you can tick off your list in the next 12 months.
For some, it will be to fulfil the ambition of owning a first home.
Others may decide this is the year they move up the property ladder, rip and replace the bathroom or build an extension for a home office or teenager’s bedroom.
Reports outlining the most popular types of remodeling are often indicative of what adds value in the eyes of buyers and sellers alike.
A recent Houzz survey of 400,000 Americans struck a note. Here are the key findings to help inspire you or even create a list of priorities for your home improvement plans. I hope you find them helpful.
Pushing through
Despite the continued interest rate rises by the Fed, only 1% of respondents said they’d cancelled or delayed upgrade plans: an indication that owners continue to view real estate as an excellent investment.
Box ticked
More than a third (37%) said they had completed an upgrade of varying size. To me, this says folks are still maximizing their home’s value to enhance their enjoyment or prepare for a sale. Over half of the respondents intended to stay in their homes for a decade or more.
Two favorites
Owners planning 2023 remodels predominantly chose the bathroom (37%) and the kitchen (33%) as their targets. This is usually a great investment as these renovations generally deliver an excellent return when the time comes to sell.
Average spend
Respondents are set to splurge an average of $25,000 on their projects. That’s a sizeable amount but probably wouldn’t cover a full bathroom or kitchen overhaul because of the rising costs of labor and materials.
Popular jobs
Not every upgrade will be a major project, and the array of jobs owners intend for next year explains the average spend. Among the favorite tasks to complete are new windows and skylights (43%), doors (42%), paint (36%), upgraded porches or balconies (32%), and decks (31%).
Must-dos
A fair amount of cash will be spent on maintenance, which is a wise strategy. Folks put electrical work (49%), plumbing (48%), heating (34%) and security (34%) on their list. Again, from a resale perspective, this is smart thinking.
One drawback
Some 37% of owners said they had experienced trouble finding materials in a timely fashion. Some 27% confessed to struggling to stay on budget. That’s frustrating, and I know many of my clients have chosen to buy a new home rather than endure the stress of remodeling.
I wish you and your family a safe and happy holiday season.