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THE
LIST
Homeowners Stay Put
Remodeling on the rise.
A survey of
5,000 homeowners indicates that most may not be as willing or able
to buy a new home as they used to. Instead, they are leaning in
favor or remodeling the home they presently live in.
Sunnyvale, CA-based remodeling expert Dan Fritschen, author of the
book “Remodel Or Move,” conducted a survey in spring
2005 focusing on those who felt underserved by their current living
quarters. All participants were considering remodeling their existing
home or moving to a different one. Participants had lived in their
current home (with a average home value of $419,000) for an average
of 8.5 years.
Respondents overwhelming stated that their decision will be their
last big change in housing for a very long time. On average, they
expected to stay in their current home or the one they are about
to move to for 18 years—dramatically longer than all previous
indications, Fritschen says.
Fritschen has developed considerable expertise helping people analyze
whether to remodel or move. He has developed the Remodel or Move
Calculator, which leads homeowners through the process by analyzing
answers to such questions as: How well does your existing house
lend itself to remodeling? How much will it cost to turn your home
into a dream home? How much more would you spend to move to a better
home? How long do you plan to live there? How much of the remodeling
investment will you be able to recapture when you sell the house?
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Homeowner Trends |
1. One-third of homeowners who plan
to remodel will spend 30 percent of their home’s value
on the project (much higher than the industry-standard recommendation
of 20 percent or less).
2. Half of the respondents want more rooms, such as dens and
bedrooms.
3. 60 percent feel their bathrooms are inadequate; and 50 percent
want an improved kitchen.
4. 55 percent of those who are considering remodeling are excited
about the idea; 10 percent are dreading the process.
5. Do-it-yourself is on the rise for both remodelers and movers;
25 percent plan to be their own remodeling contractors, 60 percent
will do at least a portion of the remodeling work, and 30 percent
of those who plan to move will sell their own homes without
an agent.
Source: Survey conducted by Dan Fritschen, author of the
book Remodel Or Move; www.remodelormove.com. |
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