Though many of today’s renovation reality shows have a marked focus on how home improvement projects up home value and improve salability, a new study has found that most homeowners aren’t renovating for the money, they are doing it to improve their quality of life.
Profit Comes In At Second
In fact, Mortgage Choice, the firm handling the survey, found that “two out of five homeowners . . . are planning to renovate their homes . . . [and] of these more than three quarters gave as their reason ‘to improve my quality of living.’” Next most common on the list was profit. Only 0.2% of those surveyed were doing so “to accommodate grandparents/relatives.”
Kitchens Are Most Common Renos
Next, Mortgage Choice wanted to know what type of renovation was most common. Kitchens topped the list at 28% with bathrooms a close second at 27%. This trend is not surprising a it is these two areas that go most quickly out of style and that also have the most often used fixtures and appliances.
Cosmetic renovations were found to be far more common than major structural renos. Cosmetic renos might involve re-carpeting the living room or kitchen counters while major structural renos change more global aspects of a house, such as adding on rooms or changing the floor plan.
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