Consistent with the last five years, kitchens remain the most popular interior remodeling project, followed by master bathrooms and living rooms Renovating homeowners put a greater emphasis on upgrades to interior spaces and exterior features like windows and roofing.
The main motivations behind renovations has to do with favourable interest rates on loans and other financial considerations. Homeowners are renovating instead of buying a “perfect” home largely due to their desire to stay in their current home or remain in their current neighborhood.
Renovators of a recently purchased home invest more in their projects than other homeowners. They also embark on larger scope projects, and are nearly three times as likely to renovate all of their interior spaces than the average renovator. When considering priorities, kitchen projects top the list for these homeowners. More people tend to buy a home with the intention of renovating versus seeking an already “perfect” home, with the goals of creating a personalized space, capitalizing on the affordability of finance.
Those preparing to sell their home are also investing in renovations, focusing on exterior projects that enhance curb appeal. Popular projects include upgrades to exterior paint, roofing, exterior doors and decks. Homeowners preparing their home for sale spend just over half the amount that recent home buyers invest in their projects, prioritizing immediate return on investment and rapid sale.