With elevated home prices and limited housing inventory, more Americans are opting to stay put and renovate rather than sell and relocate. The 2023 U.S. Houzz & Home Study revealed that the number of homeowners renovating for added square footage is on the rise, and remodeling budgets are also on an upswing.
But a second survey from Cinch Home Services revealed that homeowners are taking on those pricier projects in the hopes of getting a bigger payoff. Sixty-two percent of respondents said their main motivation for tackling a renovation was to increase their home’s value, the National Association of Realtors reports.
Homeowners expressed concerns about selling their home in its current state, expressing fears that their home was in need of too many repairs (65%); has an outdated interior (60%); lacks trendy fixtures (38%); or lacks curb appeal (33%), according to the Cinch Home Services survey.
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