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Each Generation’s Favorite Renovation Projects

renovations

The average homeowner is spending more money on a greater number of home improvement projects, according to HomeAdvisor’s 2017 True Cost Survey, a study of 14 million service requests received between July 2016–17. However, the projects vary by generation, income, and geography, the study finds. Here are the top five most popular home improvement projects by generation.

outdoor play equipment

Millennials

  1. Install outdoor play equipment
  2. Install childproofing
  3. Install backyard landscaping
  4. Update sprinkler system for lawn and garden
  5. Install front yard landscaping

 

above ground pool

Generation Xers

  1. Repair outdoor play equipment
  2. Install outdoor play equipment
  3. Add or remove holiday lighting
  4. Build or install vinyl-lined swimming pool
  5. Build or install an above-ground swimming pool

 

gazebo

Baby boomers

These homeowners are the biggest spenders on remodeling projects, according to the study. They pay a lot for home maintenance to keep their property values up—particularly if they’re looking to sell and use the proceeds in retirement.

  1. Install or repair gutters
  2. Repair shed, barn, or playhouse
  3. Repair gazebo or freestanding porch
  4. Asphalt sealing
  5. Repair exterior trim

“Boomers are indulging in luxury purchases, large discretionary remodels, kitchens, bathrooms, stonework, remodeling swimming pools, hiring designers to do professional landscaping jobs,” says Brad Hunter, HomeAdvisor’s chief economist.

Source: “Home Improvement Is Hot Right Now, But Who’s Doing What?” realtor.com® (Aug. 28, 2017)

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Home Improvement Payback

Which home improvements give the best payback?

If you’re thinking about remodeling your kitchen, or finishing your basement, you probably want to get your investment back when you sell your home. But when it comes to payback value of home improvements, some are definitely more profitable than others. As a general rule, kitchen and bathroom projects usually get a nice return on investment, typically 90% or more.Things like adding rooms or finishing basements tend to pay back the least.Finishing a basement usually returns less than 50%, so it’s not a project likely to show profit at selling time.

  • Kitchen remodeling – 90%
  • Add a bathroom – 90%
  • Bathroom remodeling – 80%
  • Install central air – 75%
  • Add a deck – 70%
  • Replace windows – 70%
  • Add a room – 55%
  • Finish a basement – 40%