Better Home and Gardens just released the results of a national survey asking two distinct sets of homeowners what they want to change in their home for 2018. The 10th annual Home Factor survey polled two groups about home improvements they’d like to carry out this year: “luxury” homeowners who make more than $125,000 a year and “mass” homeowners who make less than $125,000 a year.
They found that these two groups may not have the same money to spend, but they have the same priorities when it comes to upgrading their homes. Amy Panos, Home Editor at Better Homes and Gardens said, “Regardless of their income, homeowners care about creating an inviting home that has useful, upgraded spaces for family and friends to enjoy.”
Here are the top 6 home improvements that are a priority for 2018:
1. Painting rooms
Painting a room is one of the fastest and least expensive ways to give a room a makeover. It’s also a great DIY project that can often be tackled over a weekend. The best part about this type of project is that homeowners can take a bigger risk with color and paint over it if they don’t like it.
2. Replacing flooring
This is not only high on the priority list, but a smart move. Upgrading to hardwood flooring can add up to “2.5% to the home’s sale price,” according to Realtor.com.
3. Bathroom remodel
According to a report published by the National Association of Realtors, a complete kitchen renovation, a kitchen upgrade and a bathroom renovation topped the list of projects that add value to the resale price of a home.
4. Kitchen remodel
A modern, functional kitchen is one of the top features homeowners look for. But it’s important to not go overboard on the upgrades, since, according to U.S. News, a minor kitchen remodel will recoup 80 percent of its cost, while a major mid-range kitchen remodel has a 65 percent return on investment.
5. Decorating with furniture and accessories
The right furniture and accessories bring new life to any room. If your budget is limited, focus on buying the highest quality main furniture piece in the room and then bargain hunt for the rest of the accents. For example, when redecorating the living room, splurge on the sofa — you’ll spend lots of time sitting on it and get creative with the accessorizing.
6. Adding a separate laundry room
A separate, well-organized laundry room can not only make life easier, it makes the regular task of doing laundry a pleasure. Depending on the amount of space you have, a separate laundry space can be as simple as converting a closet to plumbing out a whole designated laundry room.
What’s difference between the two groups?
If the two sets of homeowners agree on the same projects, what are the differences? The luxury homeowner set is willing to pay more for quality pieces and hire contractors to do more of the renovations than the mass set. Interestingly, mass homeowners want to focus on the pricier kitchen and bath remodels while the luxury homeowners want to paint or redecorate the home with furniture and accessories.