Houzz Survey Says First-Time Home Buyers Want Smart Technology

Home renovation means different things to different people, and Houzz recently surveyed first time home buyers and millennials to find out what’s top of their wish list. Over a quarter of the more than 100,000 people surveyed by Houzz in its sixth annual Houzz & Home report say that the integration of technology is very important to their renovation. Of these buyers, first-time home buyers are more likely to prioritize integrating smart technology during renovation than repeat buyers and long-term homeowners.

Additionally, one-third of recent home buyers are investing in home automation (33 percent) compared to 16 percent of long-term owners.

Although numerous home automation systems are available designed to be installed by do-it-yourselfers, the Houzz survey reveals that most home buyers would rather hire a professional to handle the installation (87 percent).

The survey shows that first-time home buyers were willing to spend more in 2016 on home renovation projects than ever before. They spent $33,800 on average, which is 22 percent more than in 2015. For 2017, the Houzz respondents say they plan to spend an average of $27,300 on renovations, a four percent increase from planned renovation spending in 2016.

“Younger and cash-constrained first-time buyers are responding to the low inventory of affordable homes by purchasing properties that require more than just cosmetic upgrades,” says Nino Sitchinava, Houzz principal economist. “ Not surprisingly, we are seeing their spend on home renovations increasingly significantly in 2016 and expect this trend to continue through 2017.”

As far as which portions of the house get renovated, respondents indicate that their projects involve four rooms on average. Kitchens and bathrooms, which continue to command the lion’s share of renovation spend, are significantly more likely to be renovated that any other room of the home.

The average investment in living spaces increased 11 percent in 2016 compared to 2015, including living/family rooms ($5,400), dining rooms ($2,600, and guest bedrooms ($1,900). Renovation investment in laundry rooms is up 24 percent, averaging $2,800, and master bedroom spend increased 23 percent ($3,400). Investments in kitchen and bath renovation, meanwhile, remained relatively flat ($19,100 for kitchen and $11,700 for master baths).

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