Hi everyone, it's Mason Lindblad the marketing intern back again for a third post, hot on the heels of What Is Interior Design? (From a Newcomer’s Perspective) and Designer Find: Get Inspired With These Creative Potted Planters. This time I will be capturing the top takeaways from a recent Houzz survey, Transforming the American Home, and put it in the context of what GHID can offer! Houzz recently surveyed 200,000 of its users, garnering a massive amount of information on home remodeling, the housing market, and how different age groups act and perceive factors differently in these regards. The findings also note the major differences between Millennials and older generations. In general, Millennials are found to spend less, borrow more, and take on less intense projects. This makes a lot of sense, seeing as Millennials may not have been able to save up a lot of money for a major renovation and may not be living in their permanent home.
To Remodel Your Home Or For Resale Value - That Is The Question
The first major find noted from the survey is that when a homeowner is unsatisfied with their home they will almost always choose to remodel their home rather than try to move to a new house. This is most often because the homeowner plans on staying where they are for a long time. However, a quarter of those surveyed said that while they were remodeling, they really wanted to move but it was not economically feasible for them to do so. Unsurprisingly, Millennials mostly remodeled to give their house more value when selling it to move to a better place, and not because they planned on staying. It really depends on your own personal situation whether you decide to remodel at all and what aspects of your home you want to remodel, as well as for what purpose.
The main reason for remodeling was for improving look and feel more than anything else, with optimizing functionality, increasing value, and upgrading features being secondary reasons. There were also a lot of green reasons found, such as improving energy efficiency and using recycled materials.
The Housing Market is Up, and so is Remodeling
Most respondents said that the housing market had improved in their area recently, especially in the west. Apparently homeowners who thought that their housing market improved were more likely to plan a remodeling project, while a very low percentage intend to sell their home. Millennials are not as affected by the changes in the housing market as their plans are smaller, and they do not have the spending power of older generations. As a Millennial myself, still in college, I can attest to the fact that the housing market does not affect my peers and I much, since my neighborhood of mostly rental houses has very set rates that do not often fluctuate.
Don’t worry too much about going over-budget; about as many renovation projects were reported to go under-budget as over-budget (Houzz reports 34 and 38 percent respectively), meaning that the rest are on budget! With proper planning, hiring the right people, and maybe a little luck, it should be easy enough to complete a project within the set budget. The biggest challenges about remodeling were not going over-budget, but were actually finding the right products and defining a style. These things can certainly be massive challenges, but hiring an interior designer to help out can ease the pain of a remodel or redesign!
Fix Up The Old Place!
While it may be needless to mention, the Houzz survey found that older homes tend to be remodeled more than newer homes. Usually new additions and fixes on these old homes include structural updates, installing new windows, and updating essential but behind-the-scenes things like heating and cooling, gas lines, and plumbing. Once a home becomes 25 years old the amount of remodeling increases greatly. Homes that are 75 years or older are twice as likely to get work done on them than homes that are 10 years or younger. Millennials and other younger homeowners are more likely to take on smaller projects regardless of the age of the house, because the larger structural updates are too expensive to tackle for them.
Hiring an Interior Designer is a Great Idea!
When it comes to hiring professionals to help out with a remodeling project, about half of survey respondents said that they hired a general contractor, and even less said they hired flooring and countertop experts. Only 17% said they planned to hire an interior designer! Luckily, however, the number one criterion for hiring a professional was found to be good recommendations and reviews. Here at Garrison Hullinger, good reviews make up the vast majority of all reviews! Being an expert and having a good personality to work with were also determined to be important. It sounds like GHID is in good shape when homeowners are looking for interior designers!
The survey findings indicate that homeowners are able to fund their projects better than in the previous year, even though they are still cautious about the economy. There are plenty of remodeling projects out there, but very few are undertaken with intentions of selling the home immediately, and are enjoyed for longer. These remodels are a long-term personal investment!
So tell us, do you have any home projects you're wanting help with? GHID may be able to help you out!