First Time Homebuyers Are Not Afraid to Renovate
A survey showed that about 80% of homebuyers made home improvements within the first year of their purchase, according to the Home Improvement Research Institute (HIRI).
First time homebuyers are showing a strong desire for taking on remodeling projects – spending $33,800, on average, on their renovation projects in 2016!
The sixth annual Houzz & Home survey of more than 100,000 respondents in the U.S. points to a 22 percent increase in first-time home renovations over 2015.
The younger and cash-constrained first-time home buyers tend to choose properties that need more than cosmetic touch-ups, such as fixer uppers.
Nino Sitchinava, Houzz principal economist, shared that this is not surprising, and “we are seeing their spending on home renovations increasing significantly in 2016 and expect this trend to continue through 2017”.
Also, the Houzz survey shows that both first-time and repeat homebuyers are opting for bigger home projects, such as remodeling up to four rooms at the same time, with kitchen and bathrooms continuing to be the most popular areas in the house to renovate.
As far as the amount of money spent on home renovations, baby boomers and earlier generations, age 55-plus, continue to spend three times more than millennial homeowners aged 25 to 34.
Another trend that is emerging is that Americans are moving less, staying in one place longer and thus investing in more home renovations. First-time home buyers used to stay in their home about seven years, then up to 11 years in 2016, and nowadays it is 15 years or longer, according to the latest data from the National Association of Home Builders.
Whether you are a first time homebuyer who needs major repair and remodeling before you can even move in, or you want to renovate your current property, at Home One Service we are here to help enhance the look, comfort and safety of your home.
Owning a home is exciting, and it is also a big investment and a big responsibility, so getting the renovating done right from day one will ensure that your property turns into your dream home.
Rest assured our proficient and friendly team of contractors at Home One Services is here for all your home renovations, home improvement, and home maintenance needs in Lancaster, PA.