Millennials and Remodeling

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Posted on April 27, 2017

Countless articles and studies have been published in recent years with regard to Millennials and how they are spending their money. Most of these published pieces infer that this particular generation is focusing a majority of their income on paying off personal student loan debt. But, a recent survey conducted by online lender LightStream concluded that more than half of homeowners (59%) and 69% of Millennials plan to focus their spending on home renovations within the current year. According to a recent article published by Consumer Affairs, Millennials are predicted to spend the most on renovations of any generation within this year alone.

“What projects will they be focused on” you ask? Front and backyard upgrades remain at the top of the list while kitchen and bathroom remodeling follows closely behind. The desire to have an updated kitchen with top-of-the-line cabinets, counter tops and endless amounts of storage appeals to Millennial homeowners as well as bathrooms that provide a spa-like sanctuary. As the housing market is on the rise, homeowners are realizing that to maximize their resale value, they need to invest money into upgrading their current home. It is imperative, in today’s market, to ensure one’s home stands out in comparison to others as far as features and upgrades are concerned to assist in the process of receiving top dollar for one’s home sale.

Millennials are not the only generation taking the initiative to educate themselves on home improvement projects. Television stations such as HGTV provide countless tips and direction in regard to choosing projects that the average person can complete without specific expertise as well as when to consult with a professional.

It is smart for homeowners to “shop around” for their professional of choice but even more important to ensure these companies are trustworthy, understand your vision, listen to your needs and back up their work. There are increasing numbers of horror stories in which homeowners settle on the lowest bidder and end up with an empty bank account and an unfinished project. The importance of choosing a company in which trust is number one and a high level of integrity is maintained from start to finish should be at the forefront of any renovation project in order to protect one’s investment.