Report Shows 75% of Millennial Homeowners Will Renovate: Here Are the 5 Most In-Demand Projects
Savvy homebuyers are keen on saving money with the help of a little elbow grease
In a hot housing market, there’s nothing like a budget-friendly fixer-upper. That’s why more and more millennials are scooping up homes that need a little TLC and setting their sights on renovations within just a few months of buying.
A recent Bank of America (BofA) poll found that more than 75% of millennial homeowners began projects within the first 12 months of purchase, according to the report obtained by Yahoo! Finance. BofA’s survey of American millennials who bought homes during the COVID-19 pandemic found many buyers opted for homes that needed a little help—be it from a handyperson or some good old-fashioned DIY. This phenomenon is likely due to the red-hot real estate market, which drove up prices so much that many new buyers were pushed toward fixer-uppers.
And on top of that, some buyers may just simply love the idea of making a home their own. About 80% of those surveyed in the BofA poll said they’d prefer to buy an older, less expensive home to save money and renovate it rather than buying a brand-new home. The poll also found that homeowners who didn't spend their entire budget on the cost of buying the home were likely to put more money into renovations.
The BofA survey reflects data collected by Angi in spring 2021, which revealed that nearly 70%of millennial homebuyers have a renovation budget of $25,000 or more, and close to half planned to spend at least $50,000 on improving their new home.
5 Popular Home Improvement Projects to Tackle in 2022
If you’re looking to spruce up your home, it’s clear you’re not alone. Angi conducted a survey earlier this year, and a whopping 89% of homeowners said they were taking on home projects in 2022. Their top priorities include heating and cooling improvements, followed by interior updates to walls, flooring, and decor, as well as outdoor work.
Here’s a look at the five most sought-after home improvement projects homeowners plan to take on this year, along with their typical costs—and who to call to get the jobs done.
1. Updating Heating and Cooling
Angi’s survey found that 84% of homeowners in 2022 want to focus on home heating and cooling. This could be as simple as installing a smart thermostat, adding insulating blinds to your windows, or caulking and weather stripping windows and doors.
But homeowners can opt for bigger climate-control improvements, like installing a new HVAC system, to guarantee all-season comfort for years to come. Typically, you should replace your HVAC system if it’s older than 15 years, or needs repairs totaling more than $5,000. You can hire an HVAC specialist near you to help you with climate control projects in your home.
2. Painting or Wallpapering
A fresh coat of paint or a funky new wallpaper can do wonders when it comes to updating your interior living space. That may be why 34% of homeowners polled reported plans to paint or wallpaper their homes this year.
Cool blues and greens can create a serene atmosphere in a home. Classic shades of eggshell and greige (gray and beige) work in any room—and allow you to add pops of color via artwork, curtains, and furniture. For some, a bright and bold accent wall is all it takes to liven up a living space.
Painting a home’s interior costs between $1,000 and $2,900, while wallpapering costs about $500 on average. You can hire an interior painter or wallpaper installer to help you, although it's a doable DIY project, too.
3. Changing Home Decor
Angi’s poll found that 33% of homeowners intend to update their home decor style this year. Revamping your home’s style comes with near-endless possibilities and price tags—from a simple refresh of throw rugs, wall art, and shelves, to full-on furniture facelifts. Updating your decor is a DIY-friendly home improvement project, but if you want a professional touch, you can hire a local interior designer.
4. Sprucing Up Outdoor Landscaping
The look of your home’s exterior can be just as important as its interior. It’s no wonder 30% of polled homeowners are willing to pay for the cost of outdoor landscaping updates.
One of the best ways to give your home’s landscape a boost is to focus on the lawn. After all, few things perk up a yard like thick, lush, green grass. You can also add shade and beauty by planting a few trees around your property—just remember to place them at least 20 feet away from your house. Landscaping and hardscaping go hand-in-hand, so don’t underestimate the value of a paver walkway or stone steps.
When it comes to fixing up your yard, time is on your side. Because it’s mostly a project that centers around aesthetics, you can take your time and chip away at a few outdoor projects each spring and summer.
5. Fixing Flooring
Do you love the look of rich, gleaming hardwood floors? Or maybe you’re more drawn to the traditional pattern of ceramic tiles. Well, you’re not alone.
About 30% of homeowners will hit the ground running and tackle a flooring project this year. Wood, tile, vinyl, and laminate are popular types of flooring to consider—with sheet vinyl being the most budget-friendly. If it’s an investment you’re after, stone flooring is a popular choice that not only looks stunning, but can increase your home’s resale value should you decide to put your house on the market.
While many home improvement tasks are perfect for handy homeowners to DIY, flooring isn’t one of them. For this renovation, you’ll want to hire a local flooring contractor to make your wall-to-wall vision a reality.