Most homeowners are planning to renovate their homes in some way in 2022 with a bathroom remodel at the top of the list, according to a report from Zillow.
The real estate giant surveyed more than 2,000 homeowners nationwide in November and found that 72 percent will consider at least one home improvement project in the coming year, which the company noted “makes sense, considering most people spent more time than ever in their homes the past 22 months.”
Zillow’s survey found that more than half of respondents would consider a bathroom renovation — the most popular project chosen. The company found that buyers are also willing to pay a premium for “spa-inspired” features such as “curbless” showers (3.6 percent price premium), heated floors (3.2 percent) and free-standing bathtubs (2.6 percent).
Manny Garcia
“Most homeowners say they plan to stay in their current home for at least the next three years,” said Manny Garcia, a population scientist at Zillow, in a statement.
“And while uncertainty, pandemic precautions, and affordability concerns keep many homeowners in place, most are willing to consider improving their current home. From adding a backyard cottage to improving a bathroom or renovating the kitchen, most homeowners say they would consider at least one home improvement.”
Nearly half of respondents, 46 percent, said they would consider a kitchen remodel in 2022. Other projects that were in the top five for some cities were: landscaping (97.1 percent of cities), first floor addition (51.4 percent), deck (34.3 percent), backyard home (17.1 percent), exterior and interior painting (both at 17.1 percent), and pool (11.4 percent), according to Zillow.
The company advised homeowners to consider the long-term implications of their renovations, “such as prioritizing projects that will also yield a strong return on investment when it comes time to sell.”
Citing home improvement data company Realm, Zillow said the projects with the highest ROI potential are low-cost ways to add living space, such as 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,” the company said.
Many homeowners surveyed had such projects in mind for 2022 with 31 percent saying they would consider adding or improving an office space, 23 percent who would consider finishing a basement or attic and 21 percent who would consider adding an accessory dwelling unit (ADU) or guest house.
