Knoxville, Tenn. — November 26, 2012 —Even with current Knoxville real estate prices and sales climbing and the attractiveness of selling magnified, spending money on increasing a home's value is taking a back seat, according to a survey conducted by The Holloway Group, a Knoxville real estate team at Gables & Gates Realtors.
“In light of today's economy, one would think increasing a home's value would be priority number one with homeowners. It seems that is not the case. Homeowners prefer to improve their homes through remodeling or decorating to benefit first and foremost themselves. Even with current Knoxville real estate prices and sales climbing and the attractiveness of selling magnified, spending money on increasing a home's value is taking a back seat,” the firms says in a press release.
Troy Stavros, broker and partner with the Holloway Group at Gables & Gates Realtors, says, "As a realtor, I can't help but think about how any remodeling project will affect a home's resale value, but that is because I don't live there. We have to remember that a home is where people live every day. It is a major part of their family life and oftentimes work life. The investment aspect is typically toward the bottom of the list."
According to the release, Houzz.com, a web site and online community focused on interior design, decorating and home improvement, recently completed a survey that confirms what homeowners are thinking. Among homeowners planning to build, remodel, or decorate in the next two years, 86 percent cited improving the look and feel of the space as an important driver for the projects. Only 47 percent cited increasing resale value as a reason for the improvements. The survey also stated that these priorities were consistent across all income levels and demographic groups.
"The good news is that, according to the survey results, the projects being completed often align with those that naturally increase a home's resale value. The most popular renovations being kitchens and bathrooms. More good news from the survey was that it showed 70 percent of the respondents paying cash for the projects," Stavros says.