What would the new year be without resolutions? Now that 2022 has arrived, creating a more functional and inviting home is at the top of the resolution list for many homeowners. This comes as no surprise given that the home continues to play a central role in our lives amid the ongoing pandemic.
According to recent research from Zillow, 72% of homeowners will consider at least one home improvement project this year. Through its partnership with Realm, a centralized source of home data and insights, Zillow is projecting the renovations that homeowners are most likely to make in 2022, and which ones will add the most value when it comes time to sell. At the top of the list: bathroom remodels.
Zillow found that more than half of homeowners surveyed would consider a bathroom renovation this year. Buyers are also willing to pay a premium for spa-inspired bathroom features, such as “curbless” showers, heated floors and free-standing bathtubs.
Kitchen remodels are also widely popular, with 46% of respondents considering that project in 2022. Luxury kitchen amenities were must-haves over the past year, and that will likely continue as people spend more time cooking and eating at home.
While kitchen and bathroom renovations are among the top five planned projects in all cities across the U.S., other projects are topping the list in certain cities:
- Landscaping (97.1% of cities)
- First floor addition (51.4% of cities)
- Deck (34.3% of cities)
- Backyard home (17.1% of cities)
- Exterior and interior painting (both at 17.1% of cities)
- Pool (11.4% of cities)
When tackling these projects, think long term. Prioritize those that will yield a strong return on investment when it comes time to sell. Data from Realm finds that the projects with the highest ROI potential are usually low-cost ways to add living space, like conversions or additions in which the original structure isn’t impacted. Building a backyard cottage, finishing a basement, converting a garage, finishing an attic and remodeling a kitchen are projects that have the highest return on investment potential.
Creating more liveable space is a consideration for many homeowners, Zillow survey data shows. Projects that are highest on their wish lists for 2022 include adding or improving an office space (31%), finishing a basement or attic (23%) and adding an accessory dwelling unit or guest house (21%).
DFW Property Management.com manages properties in the entire Dallas / Fort Worth metroplex. We offer three property management packages: Silver, Gold, and Platinum. Please click on the links to read more about each one, or check out our comparison page. Give us a call at 682-200-6700 if you have any questions.