One third of American homeowners plan to renovate in the next year, according to a recent survey by Redfin. The survey also found that 43% of homeowners made renovations in the last year.
“For many, renovating is a deliberate alternative to seeking out a different home,” the company said in a news release. The survey concluded that 65% of homeowners who have recently renovated chose to do so instead of moving. Of the respondents who plan to make updates in the next year, 71% said they’re doing so instead of buying a new house.
Most homeowners who made renovations in the last year spent less than $20,000, according to the survey. Fresh paint, bathroom upgrades and kitchen improvements were the most common renovations.
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