Homeowners Say This Update Makes Them Feel Best About Their Home

home improvement
Photo by Zivica Kerkez / Shutterstock.com

A lot of homeowners renovated their property last year, including 58 percent of those who use the home design website Houzz. Some believe they got much more for their money than others, though.

Folks who updated their kitchens were most likely to feel that their home value increased due to the project, according to the latest annual Houzz & Home report.

More than 146,000 homeowners in the U.S. were surveyed for the report.

Overall, 80 percent of those who renovated their home in 2017 believed the renovation boosted their home value. Looking at specific areas of the home, however, this percentage varies widely — from 83 percent for kitchen upgrades to 48 percent for yard or core home system upgrades.

The top three projects for return on investment were:

  1. Kitchen: 83 percent of homeowners believed this project increased their home value
  2. Master bathroom: 81 percent
  3. Nonmaster bathroom: 76 percent

The median amounts that homeowners spent remodeling these areas were:

  • Kitchen: $11,000
  • Master bathroom: $7,000
  • Nonmaster bathroom: $3,000

This year, though, homeowners can expect to spend more money or do less remodeling — or both.

The Houzz survey found that 51 percent of homeowners plan to start or continue renovations this year, spending a median of $10,000. That’s down from 58 percent of homeowners spending a median of $15,000 on renovations last year.

Additionally, the costs of labor, products and materials are rising.

Nino Sitchinava, principal economist at Houzz, tells CNBC:

“The implications for the homeowners are pretty severe.”

He notes that examples of products and materials that are becoming more expensive include:

  • Roofing
  • Windows
  • Doors (including exterior doors)
  • Certain home systems that are trendy

Houzz uses “home system” to refer to anything from plumbing and electrical systems to entertainment and security systems.

For more renovations with returns, check out “The Home Remodeling Projects With the Best Payback.”

Or if remodeling isn’t in your budget, check out the smaller projects with returns in “Painting With This Color Can Boost Your Home’s Sale Price by $6,000.”

Finally, if you’re simply looking for a mortgage on a new or existing home, check out our Solutions Center. There, you can search for lenders offering the best mortgage rates.

Have you renovated recently or do you plan to? Tell us why by commenting below or on Facebook.

How to find cheaper car insurance in minutes

Getting a better deal on car insurance doesn't have to be hard. You can have The Zebra, an insurance comparison site compare quotes in just a few minutes and find you the best rates. Consumers save an average of $368 per year, according to the site, so if you're ready to secure your new rate, get started now.

Read Next
Half of All Retirees Say They Fear This
Half of All Retirees Say They Fear This

Chances are good that you share this fear. Here’s a way to overcome it.

10 Ways Anyone Can Earn More Income
10 Ways Anyone Can Earn More Income

Looking for additional cash? Here are a bunch of options that are accessible to anyone with internet access.

The 3 Biggest Regrets of Retirees — and How to Avoid Them
The 3 Biggest Regrets of Retirees — and How to Avoid Them

Rescuing a retirement from regret starts with these steps well before it’s time to quit working.

Stop Overpaying for These 10 Common Purchases
Stop Overpaying for These 10 Common Purchases

The best price for many of these items is “free.”

10 Bad Money Habits That Are Robbing You Blind
10 Bad Money Habits That Are Robbing You Blind

Here’s how to change those bad behaviors.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
Will I Get My Ex-Husband’s Social Security When He Dies?
Will I Get My Ex-Husband’s Social Security When He Dies?

Two factors determine how much money is coming to you.

7 Ways to Boost Your Credit Score Fast
7 Ways to Boost Your Credit Score Fast

Your financial security might soon depend upon the strength of your credit score.

21 Things You Should Always Buy at a Dollar Store
21 Things You Should Always Buy at a Dollar Store

Dollar stores have great bargains on these familiar purchases. Yes, even pregnancy tests

13 Brilliant Bulk-Buy Items on Amazon
13 Brilliant Bulk-Buy Items on Amazon

Every household should have these products on hand. Buying them in bulk on Amazon saves you cash.

5 Household Disinfectants That Can Destroy the Coronavirus
5 Household Disinfectants That Can Destroy the Coronavirus

You likely already have some of these products at home.

6 Reasons I Will Never Trust Suze Orman
6 Reasons I Will Never Trust Suze Orman

Beware: The self-proclaimed personal finance expert has a track record that suggests more sizzle than steak.

20 Things That Are Actually Worth Stockpiling
20 Things That Are Actually Worth Stockpiling

You probably don’t need a year’s supply of toilet paper to survive an outbreak, but consider stocking up on these items.

America’s Most Reliable Appliance Brand Is a Surprise
America’s Most Reliable Appliance Brand Is a Surprise

Have you heard of this appliance manufacturer?

This Type of Social Security Benefit Is Often Overlooked
This Type of Social Security Benefit Is Often Overlooked

The Social Security Administration is not helping certain people get money to which they are entitled, a report says.

Getting These 2 Shots Could Reduce Your Risk of Dementia
Getting These 2 Shots Could Reduce Your Risk of Dementia

These vaccines may lower the risk of Alzheimer’s disease by up to 40%.

9 Everyday Problems You Can Solve With Vaseline
9 Everyday Problems You Can Solve With Vaseline

Forget expensive specialty products. Good ol’ petroleum jelly can address many common annoyances.

16 Amazon Purchases That We Are Loving Right Now
16 Amazon Purchases That We Are Loving Right Now

These practical products make everyday life a little easier.

8 Things That Are Free in August
8 Things That Are Free in August

As summer enters the home stretch, we’ve rounded up these sizzling freebies.

19 Purchases That Buyers Almost Always Regret
19 Purchases That Buyers Almost Always Regret

Think twice before buying these things.

19 High-Paying Jobs You Can Get With a 2-Year Degree
19 High-Paying Jobs You Can Get With a 2-Year Degree

These jobs pay more than the typical job in the U.S. — and no bachelor’s degree is required.

7 Tips for Building an Emergency Stockpile
7 Tips for Building an Emergency Stockpile

A pandemic or natural disaster could leave you reliant on your existing food supply. Is your pantry prepared?

8 of the Worst Things to Buy at a Dollar Store
8 of the Worst Things to Buy at a Dollar Store

Not everything sold at dollar stores is a great bargain or a safe purchase. Here’s our list of products to avoid.

41 Things You Should Never Buy
41 Things You Should Never Buy

Some purchases are just plain dumb. Give yourself — and your budget — a break. Don’t spend money on this stuff.

Homeowners Say These 2 Kitchen Appliance Brands Are Best
Homeowners Say These 2 Kitchen Appliance Brands Are Best

One brand takes five of the top honors, while another ranks highest in three categories.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.