According to statistics that come from Zillow Digs Summer Home Improvement Trend and Spending Survey, more than 25 percent of homeowners nationwide are upside down on their mortgages. More and more homeowners are choosing to stay in their homes and invest in home improvements and make the most of their market situation.
The survey also found that some of the most popular summer home improvement projects are outdoor spaces (40 percent) and bathrooms (17 percent). Additionally, younger homeowners and younger homeowners with children are significantly more likely to be planning three or even more home improvements this summer.
According to Zillow Digs, more than 80 percent of users are actively working on even planning a home improvement project.
The most common projects? Nature and Bathroom improvements.
Because people want to be comfortable in their homes. They want open spaces with natural light and outdoor kitchens where they can enjoy friends and family’s company on special evenings. Nothing says summer like a fantastic barbeque in the backyard with the people you love the most to celebrate a graduation, a birthday, Independence day, or simply just Tuesday!
Bathrooms are another place where one definitely wants comfort. Making the bathroom –especially the guest bathroom people will see- beautiful can really make a house a home.
But how much are they willing to spend? That depends on a few things. Homeowners plan to spend just over a thousand dollars –in fact, a median of $1,200- on summer home improvement projects like these bathrooms, decks, outdoor kitchens, and new, bright spaces. Homeowners 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).
However, the type of projects being done varies by age, life-style, and life stage:
For example, the younger homeowners with children will more than likely be planning on adding an addition this summer. The percentage of people making improvements to their homes vary as much as the ages.
►18-to-34-year-olds: 71 percent
►35-to-54-year-olds: 61 percent
►55 and older: 51 percent
►Homes with children: 65 percent
►Homes without children: 57 percent