
In the recent past, homeowners would often embark on renovation projects with the goal of increasing the value of their homes for resale. Today, however, a majority of homeowners are fixing up their homes to enjoy the benefits themselves long term, according to multiple reports. The Daily Herald reports:
Results of HomeAdvisor's 2018 True Cost Survey reveal that homeowners are opting to remodel versus sell and move: Over 80% say they plan to remain in their existing homes, and half of all respondents are thinking about making improvements.
Consider, too, that only 7% of owners are renovating to prepare to be sold, per a recent poll by LightStream—the lowest percentage since 2015; 14% of owners across all age groups cite "aging n place" as a rationale for making upgrades.
Aging in place is a phrase that is not just used among seniors, as 11% of respondents between the ages of 18 and 34 in the LightStream survey said they are undertaking remodeling projects to stay in their homes and add flexible spaces that have different uses over time.
In addition to homeowners setting up roots in their home and neighborhood, research also cites the rising cost of homes and tight inventory as reasons remodeling rather than moving is an appealing option to homeowners. Homeowners also are inspired to undertake renovations, sometimes with unrealistic expectations, by programs, content and visuals on HGTV, the DIY Network, Houzz, Pinterest, and Instagram.
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