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?
5 Homeowner Trends1. 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.