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.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Read Next
Cut These 11 Expenses Now If You Hope to Retire Early
Cut These 11 Expenses Now If You Hope to Retire Early

Like the idea of financial independence? Part of the FIRE equation is cutting costs.

My Favorite Amazon Purchases From 22 Years of Shopping There
My Favorite Amazon Purchases From 22 Years of Shopping There

Yes, I’ve been shopping on Amazon since the 1990s. These are among my most beloved buys.

7 Income Tax Breaks That Retirees Often Overlook
7 Income Tax Breaks That Retirees Often Overlook

Did you realize all these tax credits and deductions exist — or that they apply to retirees?

Big-Ticket Things You Should Never Buy
Big-Ticket Things You Should Never Buy

In this week’s podcast: Are you wasting big money on these common purchases?

How to Get Rid of 6 Hard-to-Sell Things
How to Get Rid of 6 Hard-to-Sell Things

Find out where to sell, donate or recycle items — and feel good about it.

View this page without ads

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

Get Started

Most Popular
10 Things Frugal People Never Buy
10 Things Frugal People Never Buy

If you’re a true tightwad, the mere thought of spending money on these items gives you the willies.

7 Social Security Benefits You May Be Overlooking
7 Social Security Benefits You May Be Overlooking

There’s more to Social Security than retirement benefits.

10 Useless Purchases You Need to Stop Making
10 Useless Purchases You Need to Stop Making

You might as well flush your money down the loo if you spend it on these things.

10 Cars You Are Most Likely to Keep for 15 Years
10 Cars You Are Most Likely to Keep for 15 Years

The cars that owners hold onto the longest have one thing in common, a new study shows.

3 Ways to Get Microsoft Office for Free
3 Ways to Get Microsoft Office for Free

With a little ingenuity, you can cut Office costs to zero.

14 Things You Should Stop Buying in 2021
14 Things You Should Stop Buying in 2021

These convenient household products come with hidden costs that you might not have considered.

The 6 Best Investing Apps for Beginners
The 6 Best Investing Apps for Beginners

If you’re looking to ease into investing in the coronavirus economy with just a little money, check out these easy-to-use tools.

7 Kirkland Signature Items to Avoid at Costco
7 Kirkland Signature Items to Avoid at Costco

Even if it seems you save a bundle buying Costco’s Kirkland Signature brand products, they may not be the bargain they appear to be.

8 Things You Should Replace to Improve Your Life Today
8 Things You Should Replace to Improve Your Life Today

Being frugal isn’t smart if you put off replacing these items.

9 Things You Should Never Leave in a Car
9 Things You Should Never Leave in a Car

Thinking of leaving these possessions in a car? Prepare for unexpected consequences.

9 Mistakes People Make When Cleaning With Vinegar
9 Mistakes People Make When Cleaning With Vinegar

Cleaning with vinegar can save you a lot of money, but using it like this can cost you.

13 Amazon Purchases We Are Loving Right Now
13 Amazon Purchases We Are Loving Right Now

These practical products make everyday life a little easier.

If You Find This Thrift Shopping, Buy It
If You Find This Thrift Shopping, Buy It

Whether you resell it for a big profit or add it to your own wardrobe, this type of clothing is a hidden steal.

10 Things Successful Retirees Do Differently
10 Things Successful Retirees Do Differently

These habits and characteristics can help put you on the track to success.

7 Costly Health Problems That Strike After Age 50
7 Costly Health Problems That Strike After Age 50

As we age, our bodies wear down. Here is how to cut costs associated with some common ailments.

29 Purchases That Can Save You Money Every Day
29 Purchases That Can Save You Money Every Day

Sometimes, you’ve got to spend to save.

7 Things I Never Buy at Costco
7 Things I Never Buy at Costco

A bulk buy isn’t always the best buy.

5 Tax Mistakes to Avoid in Retirement
5 Tax Mistakes to Avoid in Retirement

Even great savers can reduce their retirement income by making these mistakes.

2 Financial Woes That Can Signal the Start of Dementia
2 Financial Woes That Can Signal the Start of Dementia

These money management issues can hint at dementia years prior to diagnosis, a new study finds.

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.