The ability to convert dreams into reality is the number one reason why homeowners undertake a renovation project, found a recent survey of more than 142,000 homeowners conducted by Houzz.com. Of those, nearly half undertook a renovation project in 2018.
The reasons for all types of renovation projects parallel the reasons our clients in Denver Colorado decide to renovate their homes. The other major reasons for renovating in 2018 (and likely in 2019) 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 home for sale to increase value
- Addressing damage from a natural disaster
Denver Homeowner Trends
The survey also reflects trends in Denver. Nearly half of survey respondents opted to renovate their existing home as opposed to purchase new. 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 in the Denver Metro area renovate to improve the look, feel and functionality 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 is a new kitchen. Kitchen renovations provide a 92.9% return on investment, according to Remodeler magazine. A bathroom remodeling project 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 finding the right products. The reason why 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, contributes to unrealistic expectations and elevates stress levels. That’s why a professional kitchen and bath showroom is your greatest asset. Showroom professionals specialize in making order out of chaos. Click here for a guide that outlines what you should expect from a professional showroom.
The reasons why staying on budget is so difficult is due to not having a well-crafted and complete plan. Another reason why estimating and sticking to a budget is difficult for most homeowners in Denver is that home improvement television is not a documentary but entertainment. Both budgets and timetables do not reflect reality and costs almost never include labor expenses.
Our designers at JM Kitchen & Bath specialize in giving you a quote that comes very close to the bottom line dollar figure you can expect and always do our best to stay within your budget.
To contact someone on our design team please click here to schedule an appointment online or give us a call at either of our Metro Denver showroom locations.