80% of Recent Home Buyers Doing Home Improvement Projects
Tuesday, November 22, 2016
Posted by: Matthew Craig
This past month has been busy as HIRI is releasing another study, the Recent Home Buyer Study, taking a focused look at a group of home improvement purchasers. For this study, we concentrated on those who have purchased a home within the past year. Within that group, we are trying to benchmark their decisions and thought processes during the progressions of their home buying journey. We ask not only about the characteristics of the home they purchased and why they like them, but also about financing, home improvement activities of both their new home, and potentially their previous home, and improvements in the future.
Taking look at the project side, we are seeing that more than 80% of new home buyers are doing some sort of home improvement activities when they buy their house. The most popular projects will likely not surprise some, with kitchens (37%), bathrooms (32%), and landscaping/cement (31%), while spending a median of $4000.
While overall percentages are lower, the ranking of projects stays the same for projects done to their previous home, prior to selling. The overwhelming majority of those doing those projects state an increased value as the main reason for undertaking the projects, raising the stated value by a median of $9,000 for a relatively small investment of about $3,500.
If you are a HIRI member and want to see the full report, head on over to the download page. If you are not a HIRI member, and are interested in getting this report, and all other HIRI studies, contact us here.