May flowers are in full bloom and spring home shoppers are waking up from their hibernation to flock toward open houses in hopes of purchasing their very own home. But with tight competition and not many entry-level homes for sale, spring home buyers are channeling their inner HGTV and eyeing homes in need of a little tender-loving care.
Home shoppers are ready to tackle home renovations
According to realtor.com®‘s spring home buyer survey, nearly 60 percent of all spring home shoppers are ready to roll up their sleeves and consider a home that needs renovating.
Just over half of home buyers considering a home that needs renovating are willing to spend more than $20,000 to spruce the place up to their liking, while 28 percent are willing to spend up to $10,000, and 22 percent are willing to spend between $10,001 and $20,000. That’s a lot of dough!
But home shoppers are optimistic that all their time spent scrolling through Instagram and watching Chip and Joanna Gaines fix up homes will help them make the right renovation choices. The vast majority of people considering a home in need of renovation – 95 percent – are optimistic their hard work and eye for design will net them a positive return on their investment, while nearly a quarter – 24 percent – expect a positive return of more than 50 percent. That’s called having your cake and eating it too, or in this case, having your kitchen and baking the cake in it (okay that one was a stretch, but we tried).
Don’t step in the kitchen, if you can’t handle the heat
So what do some of these potential remodels look like? A kitchen upgrade was the No.1 home renovation chosen by nearly 30 percent of respondents considering homes that need to be renovated. This is not particularly surprising since both this year and last year an updated kitchen was one of the top three features sought by potential home shoppers. A kitchen upgrade was followed by a bathroom renovation at just over a quarter – 26 percent, and new wood flooring at 20 percent. Eighteen percent considered a hardwood flooring refinish, and the same share considered a complete overhaul kitchen renovation.
That’s all well and dandy, but how much mullah are we talking about here? According to realtor.com data, a major kitchen remodel will cost around $66,000, while a minor remodel will cost around $22,000. Similarly, an upscale bathroom remodel will cost you around $64,000, while a midrange bathroom remodel runs about $20,000.
Looking for ideas to fuel your renovation goals? Check out our Home Improvement resources, and let us know in the comments below what project you would consider tackling in a new home.