Charlotte, N.C./November 10, 2006/PRNewswire/—As the real estate market slows down, more homeowners are making over their homes as a way to increase the value in their investment. According to a national survey conducted for Bank of America by MARC Research, 60 percent of homeowners believe that putting more effort and resources towards home improvement is the best way to increase home value.
The new Bank of America survey finds that over half (56 percent) of sellers made a major home improvement before putting their home on the market. Furthermore, more than one third (37 percent) of potential buyers are more likely to purchase a home knowing that it had recently undergone renovation or improvements. Thirty-nine also revealed that their decision to buy a property could be influenced by what home improvement was made.
"In today's real estate market, homeowners not only want to modernize their living space, but also ensure that the improvement made to the property is a solid investment in the home's value," said national home improvement expert Danny Lipford. "There is no better or smarter investment than increasing the equity in one's home by choosing smart home improvement projects that will likely increase the value of one's home."
The survey also revealed that when it comes to home improvement projects, potential sellers and buyers aren't always attracted to the same projects. The most appealing home improvements among potential buyers include:
- Energy-efficient changes (81 percent)
- Remodeled kitchen or bathroom (78 percent)
- New roof (69 percent)
The most common home improvements made before selling a home include:
- Landscape or garden design (36 percent)
- Remodeling kitchen and remodeling or adding bathroom (27 percent)
- Replacing or fixing roof (33 percent)
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