Paint is the least expensive home improvement that provides dramatic results. Professional painters and decorators can provide high quality work with dedication and efficiency to ensure that the paint job is completed to the highest standard. Aside from paint, you can also add features to a room through wallpaper and other décor.
According to a survey of 152,939 people who visit Houzz, a home design website, more than half of the respondents who are over 60 have no plans of moving. This is the perhaps the reason why home remodeling has become a favorite extra-curricular activity of baby boomers. About 20% of the older homeowners do either major or minor remodeling jobs every year.
Home remodeling trends relevant to retirees
• The single most important reason for improving the appearance of the home is design, looks and feel. Secondary reasons include improving functionality and increasing energy efficiency. Surprisingly, for those above 65, boosting the resale value of the home is not a priority.
• Almost of half of millennial homeowners are enthusiastic renovators but they only make up 10% of the homeowner population. The baby boomers are actually those who are driving the growth of the home improvement market because many of them have their own homes. When they make upgrades, they spend more than the younger ones.
• People from the Midwest and Northwest tend to spend more on interior renovations while homeowners from the south and west focus more on outdoor projects. The most frequent interior renovations involve bathrooms, then the kitchen and finally the living room. The least popular are basements, home office and laundry room.
• Baby boomers take on projects that are twice as much than those of millennial homeowners. Cost of bathroom renovations can range from $3,000 to $20,000 based on its size and scope while minor renovations like a kitchen redo can range from $18,000 to $50,000.
• Almost 90% of people pay for remodeling jobs out of their savings while 25% use their credit card. About 15% usually takes a home improvement loan. 30% of younger homeowners prefer to use their credit cards with only 20% of the older homeowners using plastic.
• 80% of homeowners prefer to seek professional help. Older homeowners prefer general contractors and they do not often need advice from friends and family.