Thinking about a home-improvement project? You’re not alone.
More than two-thirds of consumers plan to renovate an area of their within the next six months, according to the latest Home Improvement Survey from Realtor.com. Further, 20 percent of the 1,500 survey respondents said they plan to list their home for sale by the end of 2014.
Though the most common budget range is between $2,001 and $5,000, 18 percent of those planning to renovate by the end of the years expect to spend in the $10,000 to $20,000 range. Kitchens, bathrooms, backyards and patios are the top areas of improvement, and most homeowners plan to remodel for their own greater enjoyment of their home and giving their home an improved appearance.
Most popular reasons for planned home
improvements
32 percent – To improve the aesthetics
and/or enjoyment of the home
22 percent – In preparation for putting
house on the market
19 percent – Recently purchased a
home needing renovations
11 percent – To improve the value of
the home
Most popular areas of the home to improve 61 percent – Kitchen
59 percent – Bathroom(s)
33 percent – Backyard/patio
32 percent – Exterior of the home
Range of home improvement budgets
for the next six months
22 percent – $2,001 to $5,000
19 percent – $5,001 to $10,000
18 percent – $10,001 to $20,000
14 percent – $20,001 to $50,000
Range of home improvement budgets in
2013
20 percent – $2,001 to $5,000
13 percent – Up to $500
11 percent – $501 to $1,000
11 percent – $1,001 to $2,000
When do they plan to sell their home?
37 percent – Not any time in the foreseeable future
20 percent – 0 to 6 months
19 percent – 1 to 3 years
10 percent – 4 to 6 years
© CTW Features