Over half of us property owners plan to make home improvements
Facing a tight inventory and more than 25 per cent of homeowners underwater on their mortgages, 60 per cent of property owners choosing not to sell up and move and to stay put and make the most of their home instead, a survey by Zillow reveals.
"As we head into the long days of summer, we are seeing increased interest in outdoor spaces with very natural elements such as stone fireplaces, as well as bringing more light into bathrooms with clear glass on the walls and shower enclosures,” said Cynthia Nowak, Zillow Digs trend expert.
The site’s research found that younger homeowners and homes with children are significantly more likely to be planning a home improvement or addition this summer. Indeed, 71 per cent of 18 to 34 year old are planning DIY compared to 51 per cent of those aged 55 or over.
Homeowners plan to spend a median of $1,200 on summer home improvement projects. Sub-groups of homes with children as well as homeowners 54 years of age and younger plan to spend one-third more ($1,500) compared to homes without children and those 55 and older ($1,000).
The survey found that some of the most popular summer home improvement projects are outdoor spaces (40 percent) and bathrooms (17 percent). Younger respondents and homes with children are significantly more likely to be planning three or more home improvements this summer.
Since more than 80 percent of Zillow Digs users are actively working on or planning a home improvement project and nearly 70 percent are using Zillow Digs to collect ideas or get inspired[iii], Zillow's trend analysts looked at what is hot on Zillow Digs for outdoor spaces and bathrooms to spot trends for summer home design:
Instead of infinity pools and sleek modern decks with well-appointed outdoor kitchens, summer home remodelers prefer camp-like settings that use a lot of stone, particularly stone fireplaces. People want to be comfortable but remember that they're outdoors and feel like they are in a very natural setting.
From glass shower enclosures to glass tiles, Zillow Digs users also want open and light bathrooms. Get out the squeegee and glass cleaner — frosted glass is out. Without shower curtains, many homeowners and designers take advantage of the free wall space to showcase beautiful glass tiles.
The survey also looked at the top sources of ideas and inspiration for home improvement and found online sources are the most popular at 37 percent overall, with more than half (53 percent) of younger homeowners and 50 percent of homes with children finding inspiration online. Zillow/Zillow Digs was the third most common source for online inspiration (6 percent), following HGTV.com (25 percent) and Pinterest (15 percent).