A recent survey of homeowners conducted by the National Association of Home Builders revealed some interesting statistics about what people are remodeling and why over the past year. It seems the mindset of a homeowner in 2012 may be different than those just a few years ago when it comes to remodeling.
78 percent of remodelers reported remodeling their bathrooms, and 69 percent were planning on remodeling their kitchen. Both of these numbers are up 17 percent from two years ago, and together they make up the most popular remodels for homeowners in 2011.
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- Window/Door Replacement
- Whole-home remodeling
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A New Kind of Homeowner
Even though the popularity of bathroom and kitchen remodels isn’t necessarily a groundbreaking find, the reasons homeowners are looking to remodel is changing. Just a few years ago the most cited reason for remodeling was to increase resale value. In contrast, the last year alone saw 50 percent increase in the number of homeowners remodeling to avoid moving.
As you’d expect, contractors also saw a 20 percent decrease in the number of homeowners remodeling to increase the resale value of their home. Even though resale isn’t the top priority, the homeowners haven’t lost their taste for quality fixtures. Quality products installed by professionals are still in high demand, meaning homeowners are going beyond just a fresh coat of paint to update their most used rooms.
This appears to be a clear sign that homeowners are seeing their investment in a home as long-term rather than something to update and trade off quickly. Homeowners in 2011 are part of a growing number of people interested in staying in their new home for longer. NAHB Chairman George Moore had this to say about the changing mindset of homeowners, “Whether it be young families or couples aging in their homes, people want to let their house adapt with their needs as they change over time.”
As you prepare to buy your first home, do you think of it as a long-term investment? Feel free to share how you have changed your current place or how you plan on changing your first place to fit your lifestyle.
Photos courtesy of Derek Hartley, Veterans United.