For many sellers, just listing a house is bound to get some eyes on the property.
However, for those who want to get the most bang for their buck, updating a home can make it more valuable than the supplies and time cost. And many homeowners are using their handyman skills to add updates to their homes in hopes of it paying off in the long run. And while it seems as though home improvement projects would have hit their peak during the quarantine days of the COVID-19 pandemic, homeowners are still going strong with their DIY projects.
According to a Selective and Harris poll, home renovations have jumped 25% since the start of 2021, with 55% of homeowners reporting they are making some kind of renovation to their house, in hopes of a good return on investment, making their home more valuable. Thirty-six percent of homeowners are opting to renovate a basement, attic or a room, up from 31% in December. Considering most buyers want updated homes, this type of improvement project will most likely pay off for sellers. Other homeowners are opting to add to their properties, perhaps after being stuck at home so long. Seventeen percent added a pool or a hot tub, an increase of 6% from December 2020, while 12% added a new room, up 5% from December 2020.
Homeowners in the Northeast region of the U.S. remained stable in their projects, with 54% of respondents working on a home improvement project, a slight dip of 2% from December 2020.