New survey data finds that 90 percent of homeowners expect to renovate their home in the future, six percent more than in 2018's survey.
The Trulia survey of 1,300 U.S. homeowners finds that most remodeling projects are undertaken for the homeowner's enjoyment, rather than for future resale. More than 66 percent of homeowners who plan to sell by 2021 (68 percent) do intend to remodel their home before selling, but only 17 percent of homeowners planning to remodel in that time are planning to sell during that period. The most popular project found in Trulia's study are kitchen renovations, accounting for 50 percent of homeowners who plan to remodel.
Are homeowners ever torn between staying in or selling their remodeled home? Turns out, once deciding to sell or remodel and stay, homeowners are largely set on their decision. Of homeowners planning to sell their home in the next two years, 83 percent would not consider renovating or remodeling it and staying there over selling it. Similarly, 87 percent of homeowners planning to renovate or remodel in the next two years wouldn’t consider selling their home instead of renovating or remodeling.