Renovation resolutions? Bathrooms and kitchens top the list
What would the New Year be without resolutions?
Now that 2022 has arrived, creating a more functional and welcoming home is at the top of the resolution list for many homeowners. This is not surprising given that the home continues to play a central role in our lives amid the ongoing pandemic.
Most Homeowners Will Consider Doing a Home Improvement Project This Year
According to a recent Zillow study, 72% of homeowners will consider at least one home improvement project this year. Through its partnership with Realm, a centralized source of home data and information, Zillow projects which renovations homeowners are most likely to make in 2022, and which will add the most value at the time of sale . At the top of the list: bathroom renovations.
Zillow found that more than half of homeowners surveyed would consider remodeling their bathroom this year. Buyers are also willing to pay extra for spa-inspired bathroom amenities, such as “no-threshold” showers, heated floors and freestanding tubs.
Kitchen renovations are also hugely popular, with 46% of respondents considering this in 2022. Luxury kitchen appliances have been a must-have over the past year, and that’s likely to continue as people spend more time cooking. and eat at home.
While kitchen and bathroom renovations are among the top five planned projects in every city in the United States, other projects top the list in some cities:
- Landscaping (97.1% of cities)
- First floor addition (51.4% of cities)
- Bridge (34.3% of cities)
- Court house (17.1% of towns)
- Exterior and interior painting (both in 17.1% of cities)
- Swimming pool (11.4% of cities)
Choose which project to prioritize
When approaching these projects, think long term. Choose those that generate a strong return on investment at the time of sale. Realm data reveals that the projects with the highest ROI potential are generally inexpensive ways to add living space, such as conversions or additions in which the original structure is not not affected. Building a cottage in the backyard, finishing a basement, transforming a garage, finishing an attic and remodeling a kitchen are projects that have the potential for a return on highest investment.
Creating more living space is a consideration for many homeowners, according to data from the Zillow survey. Projects that top their wish list for 2022 include adding or improving office space (31%), finishing a basement or attic (23%) and adding a secondary suite or guest house (21%).
Contact Bill Cullin when you’re ready to sell your home!
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