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Remodeling on the rise: Here’s how many homeowners plan to renovate their house

Aly J. Yale
The Mortgage Reports contributor

Fixer-uppers

A whopping nine out of 10 homeowners plans to remodel their house, according to a new survey. And more than a third of those homeowners? They plan to do so in the next two years.

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Rising renovations

According to a new survey from Trulia, 90 percent of all American homeowners plan to remodel their house at some point. Nearly 40 percent of those homeowners are planning a renovation in the next two years.

Younger homeowners are more likely to want to renovate, with 92 percent saying they plan to sometime in the future. Just 81 percent of homeowners 65 and older are planning a remodel.

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Budget-wise, almost half are planning to spend $5,000 or less on their remodeling projects. Another 20 percent expect to spend $10,000 or more.

Most homeowners are setting their sights on the kitchen (50 percent of those surveyed) or the bathroom (45 percent). About a third want to remodel the bedroom, and 27 percent want to renovate the living area.

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Remodeling for keeps

Though renovations can certainly help improve a home’s value on the open market, most remodeling homeowners don’t even have selling on the mind. According to the survey, only 17 percent of those planning to remodel are doing so to sell their home.

Alexandra Lee, Trulia’s housing data analyst, says it might be low housing inventory that’s spurring these renovations-for-staying-put.

“The tank has been low on inventory for years, and with new construction still sputtering well below pre-recession levels, some homeowners may decide to take matters into their own hands — perhaps not build a new house, but at least remodel their current one,” Lee said.

Verify your new rate (Sep 19th, 2019)

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A HELOC or home equity loan can help you cover the costs of your remodeling goals. Shop around and see what rates you qualify for today.

Verify your new rate (Sep 19th, 2019)