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Homeowners Report Spending More than $1,000 on Renovations Since March

By: Kelly Leighton on in

So many homeowners are focusing on improvement projects as they spend extra time at home this year.

According to a survey from Stoneside Blinds & Shades, the kitchen is the area where most people want to focus their renovation energy and money toward. More than 27% of respondents said a kitchen repair or remodel is at the top of their list, while a bathroom repair or remodel comes next, said 24.3% of respondents. For homeowners who are planning to move within the next year, a bedroom repair or remodel is their priority, followed by a bathroom repair or remodel.

Not surprisingly, the area with the most perceived return on investment is by far the kitchen at 50.8%, followed by the bedroom at 17% and then the living room at 10.2%. Despite the promise of ROI, not every homeowner is motivated by potential financial gains. About 28% of respondents said the potential of ROI is either not important or only to a small percent, while 28.4% said it matters to a great extent. The majority, 43.7%, replied that it matters moderately. Regardless, the top priority renovation for homeowners is the kitchen at 20.7%, followed by the bathroom and then the bedroom.

“Recent growing appetites towards home automation have gifted us a few rare opportunities for a true ‘wow moment’ in a home. Some of these can be accomplished for a significantly smaller investment than the more traditional ideas of upgrading a kitchen or refreshing the landscaping,” said Mariko Blakemore, design consultant at Stoneside Blinds. “Consider motorized window treatments, for example. You walk into a room, push a button and magically reveal a stunning view or allow a flood of natural light to come rushing in to a sun porch or silently close a bank of shades in the nursery to provide a cozy cocoon for daytime naps. This can create quite a dramatic moment for a Realtor®, as well as allow a potential homeowner to imagine what life would be like in such a home. A high quality of life at home has never been in higher demand than right now, and modern conveniences can play a big role in presenting that lifestyle.”

Since the coronavirus pandemic overtook the nation in March, homeowners have upped their spending on renovations. On average, owners, spent $1,031 on renovations since March, with Generation X reporting the most ($1,178.41), followed by baby boomers ($1,099.46) and millennials ($998.68). The bedroom was the top room to receive renovating, at 31%, followed by the kitchen at 29.8% and the bathroom at 27.3%. The majority of consumers hired a professional for these projects, with 25% or less reporting tackling them as a DIY. However, respondents who did the projects themselves estimated they saved over $600 in doing so.

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