Newly purchased homes are undergoing major renovation projects, according to the 2022 Houzz & Home Study.* Recent homebuyers, who accounted for 10% of renovating homeowners in 2021, spent nearly double the national median of $18,000 ($30,000), surpassing short-term and long-term homeowners ($19,000 and $15,000, respectively).** Those with higher budget projects (the top 10% of spend) invested $175,000 compared to $100,000 or more invested by short-term homeowners and $90,000 for long-term homeowners.

This additional investment is likely attributed to the sizable project scopes recent homebuyers undertake. A larger share of homeowners who had recently purchased their home renovated interior rooms, home systems and home exteriors in 2021 (79%, 74% and 62%, respectively), compared with both short-term homeowners and long-term homeowners. On average, they took on nearly four interior rooms or home systems at a time, or nearly three exterior features, such as windows, doors and roofing.

With recent homebuyers tackling more projects than their peers, it’s no surprise that they’re also the most likely to hire professional help (93%), compared with short-term and long-term homeowners (88%, each). Construction professionals were the most frequently hired by recent homebuyers, followed by specialty service providers and design-related professionals (48%, 45% and 29%, respectively).

A larger share of recent homebuyers renovated kitchen and primary bathrooms (34% and 28%, respectively), compared with longer tenured homeowners. That said, median spend for these rooms was highest among long-term homeowners ($16,000 and $8,000, respectively), compared to short-term homeowners and recent homebuyers.  

Renovations for smaller rooms such as closets, laundry rooms and home offices were more widespread among recent homebuyers (21%, 19% and 17%, respectively) than short-term homeowners (14%, 15% and 13%, respectively) and long-term homeowners (11%, 12% and 10%, respectively).

A larger share of recent homebuyers pursued renovations due to poor layout (16%), compared with short-term and long-term homeowners (14% and 13%, respectively). This may explain why more than a quarter of recent homebuyers claim their home is more open-concept following renovations (29%), compared with short-term and long-term homeowners (23% and 19%, respectively).

Similar to homeowners who purchased their homes more than a year ago, recent homebuyers relied largely on their savings to fund renovations (74%), followed by credit cards and cash from previous home sales, which they turn to nearly as frequently (43% and 42%, respectively).

For additional home renovation trends, check out the complete 2022 U.S. Houzz & Home Survey at this link.

*The annual Houzz & Home survey is the largest survey of residential remodeling, building and decorating activity published. The survey covers a wide range of renovation projects in 2021, from interior remodels and additions to home systems, exterior upgrades and outdoor projects. Data gathered includes historical and planned spends, professional involvement, motivations and challenges behind building, renovation and decorating projects, as well as planned activities for 2022. The 2022 study includes nearly 70,000 respondents in the U.S. alone, providing insights into the home improvement activity of the millions of users of the Houzz site and mobile apps. The survey was sent to registered users of Houzz and fielded between February and March 2022.

**Recent homeowners are defined as those who have not yet moved into their home or moved in less than a year ago. Short-term owners moved into their home one to five years ago. Long-term homeowners moved into their home six or more years ago.