You have probably seen one of the many home improvement shows on TV nowadays. There are flippers, fixers, demolishers. You name it, there's most likely a show about it.
But what about your own home? Have you noticed yourself sitting there and saying, "Hmm, that's really nice. Maybe I should do that to my home."
Home improvement is never a bad idea. After all, it does have the word improvement in it. The question is, where to start and who will do it?
According to Realtor.com and HomeAdvisor, the average homeowner is taking on their own home improvement and spending more money. This coming from the 2017 True Cost Survey. The real estate market and the economy are doing much better than the past. Instead of just the necessities people are looking more into vanity remodeling; they want that picture perfect home.
Of course, not everyone is looking for the same updates. Realtor.com teamed with HomeAdvisor to see just what everyone is looking for.
Even though millennials are the proverbial children of the world, we are growing up (yes, I admitted to being a millennial). HomeAdvisor found that most millennials are taking on outdoor play area projects, childproofing, and landscaping. Seems millennials enjoy the outdoors?
While the millennials have grown up, they have grown up into a very expensive real estate market. For this reason they are buying smaller and older homes needing updates. In this case they will also be looking to expand upon family areas such as the yard.
For those who don't have a green thumb landscapers are a great option. They know what works where, when and with what other plants. This goes for every generation. If you don't know gardening then spend that extra cash on a landscaper.
Generation X has similar projects on the horizon with outdoor play equipment, installing swimming pool, and the ever annoying taking down of holiday lights. Gen Xers are right in the sweet spot of mid-30's to mid-50's. They are most likely established in their career and making enough money to get those higher-end upgrades such as outdoor kitchens.
Baby Boomers take on the more historically classic home improvements such as gutter repair, shed repair, gazebo repair...lots of repair. They are looking at the big picture. If at some point they want to retire somewhere else their home needs to be in top shape to sell.
But it is the Baby Boomers who are spending the most money according to HomeAdvisor. They may initially focus on the straight forward repairs but they are the ones opening their wallets to the most nonessential improvements.
Of course, Baby Boomers usually have savings and stock portofolios that other generations may still be building or haven't even started yet.
According to HomeAdvisor Baby Boomers are going for the all out luxury purchases with interior designers and everything in between.
This is all depends on how much money you are bringing in. There are some who can only afford a small update no matter what generation. The most important thing is to budget correctly before you begin. These things can easily go up in cost and every homeowner should keep that in mind.
This can be as simple as deciding on an above ground pool vs. an in-ground pool. Weigh your options. Also always keep in the back of your mind how this will affect selling your house.
Generation and money are not the only things that affect what improvements happen. Certain projects are more prevalent in one region of the country because of the environmental impact.
Here in Florida our biggest concern is hurricane season. If you do get an above-ground pool, will it collapse? Do you have storm shutters? How secure is that new outdoor kitchen? Start with the absolute essentials that cannot be ignored. The safety of your family and home should come first.
Home improvement can be an exciting and frustrating time for many. Be prepared. Create a plan before you even head to the nearest hardware store. Over budget to be safe. It's better to have some leftover money than to have to dip into savings.
If you feel over your head then hire someone. Research them but don't hesitate. These are specialists who have been doing this for years. It's okay to not do it yourself.
Now get out there and create your dream home!
Tata from the Ladies in Red!