More and more homeowners are choosing to improve the homes they have than move into another one. According to survey results from Houzz.com, home remodeling is expected to trump selling in 2014. Among the variety of reasons are an interest in improving the look and feel of their current space, making it more functional and increasing their future home sale value. There were several interesting statistics gathered from the survey.
When asked why they were staying put and making home improvements instead of buying another place, 53 percent of U.S. homeowners said they plan to remodel in the next year or two because of skyrocketing home prices. As an age group with slightly different goals than older homeowners, 36 percent of millennials are remodeling to increase their home value.
When describing the main challenge of a remodeling project, only 19 percent of those surveyed said it was funding. Instead, defining a style was considered more of a challenge for 28 percent of homeowners in their 40s, 50s and 60s. Millennials are more challenged by making remodeling decisions with their partners and spouses. That was the main issue for 34 percent responding in that age group, and defining a home style was a concern for 43 percent.