Every year, thousands of people buy new homes in the spring. Homes listed in spring—especially in May—can be snapped off the market more quickly and for more money at this time of year as people buy their first homes, upsize, downsize, or switch locations before summer arrives.
To mark the season in which so many people are settling into new homes (and preparing to make updates to them), The Home Depot celebrated New Homeowners Day (May 1) with a look at the specifics behind these home improvement plans.
According to the Home Depot-commissioned survey of 1,000 new U.S. homeowners, almost one-third (32 percent) want their homes to look updated without the hassle of a major renovation. Only 26 percent are interested in taking on the hard work and endless renovations a fixer-upper entails, and a small proportion (14 percent) only want to make minimal changes, without any of the stress a renovation brings.
When it comes to planning home projects, 33 percent of new homeowners are most likely to start with the kitchen—a smart decision, considering an updated kitchen can give your home’s value a major boost. Bathrooms were the next pick, with 27 percent tackling this room first.
For 62 percent of new homeowners, the most important factor in the decision to start a home improvement project was cost. At the same time, one of the top motivations for starting a new project was adding value and upgrading a home, in which case the cost of renovating is more of an investment. The other major motivator was the hope of turning a new house into a “home,” or customizing it to better suit the new owner(s).
Whether you’re a new homeowner or you’ve been in your house for years, now may be the time to take on a new home update—you just have to decide where to start.