Home Improvement Trends – Millennials and Boomers Are Driving the Demand for Home Improvements
The Millennial generation is driving the demand for home improvements. In a Harvard Joint Center for Housing Studies study, nearly half of all homeowners were under 35 and had a household income of $80,000 or more. This group continues to grow, a sign that homeowners are spending more money on personalizing their space. In addition to Millennials, home improvement businesses are benefiting from aging in place modifications and the twin engine of boomers. These factors are enabling a surge in discretionary projects, such as whole-room renovations.
Home renovations can increase your home’s value
When deciding whether or not to undertake home renovations, you’ll need to consider your budget and the type of property that you’re trying to sell. While cosmetic changes can be costly, a professional inspector can identify hidden defects that will decrease the value of your home. Even minor problems can add up to a large repair bill, so don’t put it off. You’ll find yourself in the same situation as your neighbors if you don’t fix them.
Performing small, inexpensive projects can give your home a nice facelift and increase its value. Cleaning dirt and mold from your front door, replacing old door handles and knobs, and painting your front door can increase its overall value. Investing in new front door knobs and handles, or replacing your mailbox, can also add a little pizazz to your home. These little projects can show potential buyers that you take care of your property, which can increase its value.
They can add value to your home
While you can spend a lot of money on a new kitchen or bathroom, there are several other ways to update the look of your home without breaking the bank. You can make your kitchen more open by adding new cabinetry, moving walls, or combining several bedrooms into one master suite. You can also change the look of your bathrooms with a new tiled floor and modern fixtures. Don’t forget to include some light fixtures as buyers pay attention to these details when considering a sale.
According to the Remodeling Cost vs. Value Report 2018, about half of all homeowners will spend more money on home improvements in 2020 than they did the year prior. This trend is expected to continue, with the average home improvement costing $440. But the real value of a home improvement project will vary greatly depending on your location. The most valuable improvements will increase the value of your home by at least 35%. Here are some ways to increase the value of your home.