{"id":21364,"date":"2022-12-01T13:55:15","date_gmt":"2022-12-01T13:55:15","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=21364"},"modified":"2022-12-01T13:55:15","modified_gmt":"2022-12-01T13:55:15","slug":"need-your-advice-on-renovation-roi","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/need-your-advice-on-renovation-roi\/","title":{"rendered":"Need Your Advice on Renovation ROI"},"content":{"rendered":"\n

More people are upgrading their current property rather than moving, and they\u2019re looking for guidance on resale value, surveys show.<\/p>\n\n\n\n

Despite recession fears, homeowners who want to stay put are moving ahead with renovation plans, and you can guide your clients through the improvement projects they should prioritize. After all, 22% of homeowners say ROI is their top motivation for remodeling, according to a new Houzz survey(link is external)<\/a>. So, they need your expertise when it comes to resale potential.<\/p>\n\n\n\n

Homeowners also may look to you for recommendations on contractors, as 35% say it\u2019s challenging to find reputable professionals to work on their projects. Still, 37% of homeowners started a remodeling project this year, and nearly a quarter says they plan to start one next year, the Houzz survey shows. Kitchen and bathroom renovations remain the most popular projects, for which homeowners spend a median of $25,000, the survey found.<\/p>\n\n\n\n

\u201cLimited choices of available homes and rising interest rates are driving many toward renovations and improving their current home,\u201d says Marine Sargsyan, a staff economist at Houzz. \u201cAdditionally, more than half of the homeowners we surveyed have no intention of selling or moving out of their current residences in the next 20 years\u2014or ever.\u201d <\/p>\n\n\n\n

Homeowners also are sitting on a bigger nest egg: The average mortgage borrower had about $300,000 in home equity at the end of October, according to CoreLogic data(link is external)<\/a>. Many are leveraging their equity to invest in top-line renovations, which may explain higher earnings reports from top home improvement retailers like Lowe\u2019s and Home Depot. \u201cWe\u2019re not seeing the negative impacts of inflation,\u201d Lowe\u2019s CEO Marvin Ellison told CNBC(link is external)<\/a>. An \u201cimprove in place\u201d mentality is growing among homeowners as the housing market slows, added Home Depot CFO Richard McPhail, who told CNBC(link is external)<\/a> that the company\u2019s DIY sales are growing and contractors continue to report backlogs.<\/p>\n\n\n\n

The National Association of REALTORS\u00ae\u2019 2022 Remodeling Impact Report<\/a> offers insights into how 19 common renovation projects appeal to home buyers, as well as how much REALTORS\u00ae estimate that homeowners can recoup at resale. The report found that refinishing hardwood floors is the home improvement project with the highest ROI (147%), followed by new wood flooring (118%) and insulation upgrades (100%). Among exterior projects, new roofing and a new garage door both recovered 100% of the project costs, the report found.<\/p>\n\n\n\n

The Houzz study found that many homeowners are focusing more on exterior upgrades, showing a preference for updated windows or skylights, new exterior doors, refreshed exterior paint, porches or balconies, and decks. Houzz found that owners also are basing home improvement decisions on their home\u2019s age and condition<\/a>. After all, the nation\u2019s housing stock is growing older: The median age of a home in the U.S. is 39, according to the National Association of Home Builders. More than half of owner-occupied homes were built before 1980; 38% were built before 1970.\u00a0As homes age, they may require more upkeep. The Houzz survey found that the age-related projects homeowners are prioritizing include the electrical system (49%), plumbing (48%), heating (34%) and security (34%).<\/p>\n\n\n\n

\u00a9National Association of REALTORS\u00ae
Reprinted with permission<\/p>\n","protected":false},"excerpt":{"rendered":"

More people are upgrading their current property rather than moving, and they\u2019re looking for guidance on resale value, surveys show. Despite recession fears, homeowners who want to stay put are moving ahead with renovation plans, and you can guide your clients through the improvement projects they should prioritize. After all, 22% of homeowners say ROI … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-21364","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nNeed Your Advice on Renovation ROI - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/need-your-advice-on-renovation-roi\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/need-your-advice-on-renovation-roi\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/need-your-advice-on-renovation-roi\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Need Your Advice on Renovation ROI\",\"datePublished\":\"2022-12-01T13:55:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/need-your-advice-on-renovation-roi\\\/\"},\"wordCount\":525,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/need-your-advice-on-renovation-roi\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/need-your-advice-on-renovation-roi\\\/\",\"name\":\"Need Your Advice on Renovation ROI - 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