Owner Spend More to Spruce Up Newer Homes Than Old

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Real Estate

Homeowners are spending more to improve their homes, not necessarily on home maintenance.

Homes may be aging in the U.S., but don’t assume the age of a home is prompting more spending. A new report from HomeAdvisor, a home remodeling resource, finds that homeowners spent $3.70 less for every year since a home was built. That means the owner of a 100-year-old home could spend an average of $370 less on emergency home projects per year than the owner of a new home, the study notes.

Researchers say the growing cultural focus on design aesthetics and quality of life as well as newer and better home improvement tools may be leading to the uptick in home improvement spending.

Room remodels have been the most popular home improvement projects, with bathrooms topping HomeAdvisor’s list. Homeowners also are prioritizing new appliances, roof replacements, and hardwood refinishing.

Click here for more information: https://magazine.realtor/daily-news/2019/07/17/owners-spend-more-to-spruce-up-newer-homes-than-older-homes