For your Sunnyvale bathroom remodel, please contact us, The Solera Group for a no obligation consultation.
A recent survey conducted by Houzz reveals that in areas where home prices are rising the fastest, moving up is happening less often and remodeling is happening more often.
As you can imagine, remodeling what you have gets you a more luxurious home for less than buying a new home at today’s prices.
Here are the specifics:
- 66% of people who are remodeling plan to say in the home for several years (with the exception of 20 year olds).
- 53% of people who are remodeling say they are doing so to increase the future resale value of their homes, but are not planning to move within the next 5 years.
- 16% of people who are remodeling do plan to move within the next 2 years.
- 74% of homeowners said their local housing market has risen.
- 19% of people who are remodeling said the cost of remodeling and/or staying on budget is a challenge, compared to 27% of people surveyed in 2013.
- Of the people who live in areas where housing prices are rising quickly, 42% are planning to remodel in the next two years while 16% are planning to move.
- Of the people planning to remodel 22% feel that housing prices are rising too fast for moving to make sense while 24% of respondents stated a desire to move, but that remodeling makes more financial sense.
- The two most expensive cities in the nation for buying new homes are San Jose (39% of respondents said they can not afford to move) and San Francisco (36%) while the west coast average of people who said this is 26%.
- Amongst millennials, 36% are remodeling to increase their home resale value and are planning to move in the future.
- Amongst older home owners, only 25% are doing so.
- 26% of all planned remodeling projects are bathroom remodels.
- 22% of all planned remodeling projects are kitchen remodels.
Are you experiencing similar thoughts? Is remodeling your bathroom or kitchen in your future?
If so, please….