The housing market may still be struggling but existing homeowners have big plans in store for renovations.
A new, just-released study reports that 58 percent of homeowners say they plan to make renovations on their homes within the next five years, providing positive news for the building trade which remains stymied by the slump in new home construction.
“The home renovation and real estate industries experienced rapid growth during the pandemic,” reported Meredith Topalanchik, managing director for G&S Communications, the New York-based marketing communications agency that conducted the survey, adding that “while spending and selling have slowed recently, these results tell us that homeowners are motivated to renovate in the near future.”
According to the findings of the survey, a majority, 54 percent, of those planning to renovate say the big reason is to have the home’s design align with their preferred style. This is true for both Gen Z and millennial homeowners and even more so for baby boomers, 64 percent of whom cited that as their key reason.
The survey found that the top three areas of the home due for renovations are kitchens (32 percent), bathrooms (20 percent), and main living spaces (14 percent). G&S reported that the top product categories homeowners plan to renovate are: countertops, 54 percent; flooring, 48 percent; and cabinetry, 45 percent.
