Home Improvement Survey

June 11th, 2013

Home Improvement Survey

Home Improvements infographic image [Source: U.S. Census Bureau]

Data on Home Improvement across the country has been released by the American Housing Survey. There are numerous private and government entities that track our housing market and The American Housing Survey (AHS) is the largest, most “comprehensive national housing survey in the United States” according to the AHS. The AHS is a joint effort of the Department of Housing and Urban Developement (HUD) and the U.S. Census Bureau and reports on a wide variety of housing data: everything from fuel usage to mortgages to repair data.

The AHS reported 76.1 million owner-occupied homes in the latest census. Of that, over half made home improvements from 2009-2011. Of those people, almost a quarter of those were Energy Efficiency improvements. The US government  may have helped fuel this trend by the energy-efficient tax credits that are still available today. To see more on the IRS tax credits, visit:

http://www.irs.gov/uac/Newsroom/Get-Credit-for-Making-Your-Home-Energy-Efficient

The Home Improvement data from the AHS reported 37% of homeowners did their own work vs. hiring a contractor. In hard economic times, this is a great way to increase the value of your home while saving money by doing it yourself.

The top improvements were:

  • - 35% Appliances / Major Equipment
  • - 32% flooring/Paneling/Ceiling
  • - 20% Windows and Doors

The median cost of improvements was $3,200 with the largest amount being spent on kitchen remodels, next were Heating and Air upgrades.

I find this data interesting. With the recent recession, people were resisting investing in the stock market, maybe weren’t able to sell their homes, and unemployment was at an all-time high. So what were they to do with their money, or lack of money?  Home improvement appears to be the answer. Not only do you personally gain by having a more comfortable home, but you invest in the value of your home for the future.

And don’t forget your yard. I noticed in this report, no one mentioned landscaping. Your yard is the first impression people get of your home and more importantly, can be additional living space, and of course, can provide many other non-tangible benefits.

So go plant a flower or start making some plans. If you would like to talk about how to improve your home for re-sale in Steamboat Springs, feel free to contact me.

Charlie

Charlie Dresen
Real Estate Associate Broker |Prudential
Local Knowledge | Global Exposure| Defining Service
970-846-6435 | SteamboatsMyHome.com
610 Market Place Plaza, Steamboat Springs, CO 80487

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