The ability to convert dreams into reality is the number one reason to undertake a renovation project, found a recent survey of more than 142,000 homeowners conducted by Houzz.com. Nearly half of the survey respondents undertook a renovation project in 2018.
The reasons for all types of renovation projects parallel the reasons our clients decide to renovate their homes. The other major reasons for renovating in 2019 (and likely in 2020) include:
- Desire to customize a recently purchased home
- Correcting damage due to home age, pests and lack of functionality
- Adapting to recent lifestyle changes
- Preparing homes for sale to increase value
- Addressing damage from a natural disaster
Nearly half of the survey respondents opted to renovate their existing home as opposed to purchasing a new one. The primary reasons included the ability to make a distinct and personal design statement by capitalizing on the opportunity to customize features and design, and a desire to stay in their existing neighborhoods.
The goals of renovation are not surprising. Almost all of our clients renovate to improve the look, feel and functionality of new baths, kitchens, laundry rooms and other areas of their homes. Another major reason to renovate is to increase the value of the home and the best return on investment in home renovations are new kitchens and baths. A bathroom remodel that includes replacing the toilet, tub and light fixtures, plus adding a double-sink, tiling the floor and hanging wallpaper can result in a $1.71 increase in home value for every dollar spent, according to Zillow.
The top challenges renovating homeowners face are finding the right service providers, staying on budget and sourcing products that meet their unique needs and circumstances. One primary reason homeowners have a difficult time finding the right service providers and products is that the Internet is both our friend and foe. While the Internet provides access to every product and service that you could ever need for a renovation project, the amount of information available online can be overwhelming, is often incorrect, is likely to cause analysis paralysis, and can contribute to unrealistic expectations and elevate stress levels. That’s why a decorative plumbing and hardware showroom is your greatest asset. Showroom professionals specialize in making order out of chaos.
The reasons why staying on budget can be so difficult is often due to not having a well-crafted and complete plan that does not change during the renovation process. Another reason why estimating and sticking to a budget is difficult for most homeowners is that home improvement television is entertainment, not a documentary. Both budgets and timetables on televised home improvement shows do not reflect reality and cost estimates almost never include labor expenses.
If your bath, kitchen, laundry room or other areas of your home no longer meet your desires, needs or lifestyle, give us a call at (313)831-7770 or visit our showroom at 150 Parsons St. Detroit, Michigan 48201. We will show you how you too can turn your dreams into realities.