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
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.

3 Ways to Get Paid for Searching the Web
3 Ways to Get Paid for Searching the Web

If you’re already doing it anyway, why not get rewarded for it? Here are three great opportunities.

Not Asking About This in the Hospital Can Cost You Thousands
Not Asking About This in the Hospital Can Cost You Thousands

Medicare recipients who fail to clarify their hospital status can pay a high price.

View this page without ads

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

Get Started

Comments

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.

Trending Stories