Top Millennial renovation projects
Millennial homebuyers are big on fixer-uppers. But what exactly are the projects they’re gravitating toward? According to a new report, closet overhauls, craft rooms and landscaping projects are among the tops.Verify your new rate (May 31st, 2020)
Closets, farmhouse decor and landscaping
Data from the National Association of Realtors shows that nearly 90 percent of all Millennial homebuyers last year bought a previously owned property — places that often require some sort of improvement or renovation upon move-in.
And according to a new report from Chase and Pinterest, many of those projects involve farmhouse decor or curb appeal. In fact, Pinterest searches related to farmhouse decor have jumped 700 percent over the last year, while landscaping searches jumped 200 percent. Millennials are particularly interested in plants, with searches on hanging plants, hydrangea landscaping and succulents seeing big increases.
Walk-in closets and closet overhauls have jumped the most though, with Pinterest searches rising 7,000 percent since 2017.
The most popular renovation searches vary by time of year, according to the report. In January, outdoor space renovations increase, and in July, pool designs spike. Faux fireplace searches nearly double in October.
Renovations on the horizon
The report also dove into the future renovation plans for Millennial homebuyers. According to the data, a whopping 87 percent of homeowners are planning some kind of renovation in the next three years, while 68 percent plan to spend at least $20,000 on their projects.
“For the second year in a row, Millennials make up the largest group of homebuyers, seeing the value of this smart investment,” said Amy Bonitatibus, chief marketing and communications officer for Chase Home Lending. “And many are jumping into plans to take their fixer-uppers and turn them into their dream homes.”
Millennial homeowners are also using Pinterest to look for DIY tips, renovation financing tips and organizational hacks.
“The data shows that those homeowners looking to remodel are regularly searching Pinterest for creative inspiration and action, but are also actively considering important factors such as financial planning,” the report reads. “These Pinterest users are more than 1.5 times as likely to search for topics on budgeting.”Verify your new rate (May 31st, 2020)
Get today’s mortgage rates
A home equity loan or cash-out refinance can help cover renovation costs. Shop around and see what rates you qualify for today.Verify your new rate (May 31st, 2020)