New buyers of existing homes spent $19 billion on home improvement projects last year and are more likely to improve their homes than residents that have been in their home for more than three months
It’s one of the biggest parts of the American Dream. You trade your apartment keys for a brand new set of keys that only you have access to. No landlord, no property manager. You own a home now: you have equity, and a huge investment because you know that the housing market is recovering. So what’s the first thing you do? You start to make your new home your own throgh various home improvement projects that add value to your house. They might be projects for curb appeal like a new exterior paint job, for comfort like a new heating and cooling system, or for small handyman tasks for making minor changes to your home. You might even have the money for large additions, bathroom and kitchen remodels to really customize your new home. Whatever home improvement project it may be, the numbers according to a Scarborough USA+ Study released in 2012 show that new homeowners are more likely than established homeowners (those who have owned their home for longer than 3 years) to spend money ($19 billion in one year) on a wide array of home improvement projects. Listed below are the types of home projects and the likelihood of new homeowners having them executed, as compared to other homeowners.
How Much More Likely They Are To Spend On:
- Flooring: 53% more likely
- Landscaping Project: 51% more likely
- Heating and Cooling: 47% more likely
- Interior Painting: 47% more likely
- Kitchen Remodel: 45% more likely
- Siding Project: 34% more likely
- Any Addition: 33% more likely
- Bathroom Remodel: 32% more likely
- Window Replacement: 29% more likely
- Plumbing Project: 28% more likely
- Exterior Painting Project: 24% more likely
- Roofing Replacement or Roofing Repair: 14% more likely
- NOTE: New homeowners were 28% less likely to have had NO home improvement project in the past year
The Scarborough report found that “new homeowners” were 44% more likely to be younger than 44 years old, married with children, highly educated and earning higher-than-average incomes. This can be interpreted to say that young people with good jobs have disposable income and when they buy a house they are likely to pay for home improvement projects to customize their new home.
Find me, Richard D’Angelo, President of CraftPro Home Improvements and this article’s author on Google+. You can also visit CraftPro on Google+ and join our community of home improvement, maintenance and renovation professionals.