Instead of buying, more and more homeowners are looking to remodel, according to Trulia. A Trulia poll of over 1,300 homeowners revealed that 90 percent of homeowners plan to remodel their home at some point, an increase from last year's 84 percent.
Many of these homeowners are not looking to remodel with a future sale in mind, but instead are remodeling for themselves. While 68 percent of homeowners plan who plan to sell their homes also plan to remodel in that time, just 17 percent of homeowners who are planning to remodel in the next two years also plan to sell their home in that time.
Despite the willingness of homeowners to remodel, most don't have any plans to remodel in the short term. Just 39 percent of homeowners polled stated interest in remodeling their home within the next 12 months.
Younger homeowners, aged between 18 and 34 are more likely to renovate than older homeowners, according to the poll. Trulia found that 92 percent of these younger homeowners are considering renovating or remodeling, compared to 81 percent of homeowners 65 and over. Trulia notes that with millennial homeownership constantly increasing, we will likely see an uptick in remodeling.
Homeowners considering remodeling projects are most likely to focus on rooms such as the kitchen and bathroom. The kitchen is the most likely to be remodeled area of the house, with 50 percent of homeowners stating interest in remodeling their own kitchen. The bathroom falls close behind, with 45 percent of homeowners planning to remodel this room. Another 28 percent of homeowners want to remodel the bedroom while 27 percent want to remodel the living room.
For all these remodeling projects, homeowners don't want to spend too much. Around 47 percent say they would like to spend below $5,000, while just approximately 20 percent are willing to spend over $10,000. Trulia notes the low cost of many renovation efforts, such as new paint.
Find more data from Trulia's remodeling survey here.here.