SEATTLE, Dec. 28, 2021 /PRNewswire/ -- A new year
means new resolutions, and at the top of the list for many will be
making their home more functional. Zillow
Research1 finds that 72% of homeowners will
consider at least one home improvement project in the coming year,
which makes sense, considering most people spent more time than
ever in their homes the past 22 months. Partnering with Realm,
Zillow is now sharing which renovations homeowners are most likely
to make in 2022, and which ones will add the most value when it
comes time to sell.
Bathroom remodels are the most popular project to tackle; Zillow
found that more than half of homeowners surveyed would consider a
bathroom renovation next year. Buyers also are willing to pay a
premium for spa-inspired bathroom features, such as "curbless"
showers (3.6% price premium), heated floors (3.2%) and
free-standing bathtubs (2.6%).
"Most homeowners say they plan to stay in their current home for
at least the next three years. And while uncertainty, pandemic
precautions, and affordability concerns keep many homeowners in
place, most are willing to consider improving their current home,"
says Manny Garcia, a population
scientist at Zillow. "From adding a backyard cottage to improving a
bathroom or renovating the kitchen, most homeowners say they would
consider at least one home improvement."
Kitchen remodels are also widely popular, with Zillow's research
showing 46% of homeowners would consider that project in 2022.
Luxury kitchen amenities were must-haves over the past year, and
that will likely continue as people spend more time cooking and
eating at home.
"Thousands of homeowners across the U.S. use Realm as they plan
the projects they're going to do next based on their budget, local
regulations, weather, trends, and return on investment," says
Realm's Founder and CEO Liz Young.
"The most popular projects continue to be interior renovations,
such as kitchen and bathroom remodels, but outside of those, we see
a lot of variance from city to city."
While kitchen and bathroom renovations are top five planned
projects in all cities across the U.S., other projects appear in
the top five for only some cities: landscaping (97.1% of cities),
first floor addition (51.4%), deck (34.3%), backyard home (17.1% of
cities), exterior and interior painting (both at 17.1%), pool
(11.4%).
As consumers tackle these projects, they should consider
long-term implications, such as prioritizing projects that will
also yield a strong return on investment when it comes time to
sell. Data from Realm, a centralized source of actionable home data
and insights, finds that the projects with the highest ROI
potential are low-cost ways to add living space, like conversions
or additions in which the original structure isn't impacted.
Building a backyard cottage, finishing a basement, converting a
garage, finishing an attic, and remodeling a kitchen are projects
that have the highest return on investment
potential2.
Creating more liveable space is a consideration for many
homeowners, Zillow survey data shows. Projects that are highest on
their wish lists for 2022 include adding or improving an office
space (31%), finishing a basement or attic (23%), and adding an
accessory dwelling unit or guest house (21%).
About Realm
Realm makes anyone a home expert, by
providing them with the data they need to navigate homeownership
with confidence. Over 30,000 homeowners have used Realm to plan
their 2022 projects and their free insights are available in all 50
states, and help homeowners answer questions such as: How much
should I spend on a kitchen renovation? Am I allowed to build an
addition? When will I need to replace my roof? Make your free
account at Realmhome.com.
About Zillow Group:
Zillow Group, Inc. (NASDAQ: Z and
ZG) is reimagining real estate to make it easier to unlock life's
next chapter. As the most visited real estate website in
the United States, Zillow® and its
affiliates offer customers an on-demand experience for selling,
buying, renting or financing with transparency and ease.
Zillow Group's affiliates and subsidiaries include Zillow®,
Zillow Offers®, Zillow Premier Agent®, Zillow Home Loans™, Zillow
Closing Services™, Zillow Homes, Inc., Trulia®, Out East®,
ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and
HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS
#10287 (www.nmlsconsumeraccess.org).
1 Zillow Group Population Science
conducted a nationally representative survey of more than 2,000
homeowners. The study was fielded in November 2021. For more information on
methodology, please reach out to press@zillow.com.
2 ROI can vary widely by location, home
and project
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SOURCE Zillow