Remodeling in Denver for Millenials

Market Conditions Drive Homeowner Choices

Rising mortgage interest rates, combined with increases in the cost of living are pushing those in their 20s and 30s to fix up lower-cost properties because they’re unable to afford newer ones.

Unable to afford new or near-new homes, millennials — the generation born between the early 1980s and the late 1990s — are buying lower-cost properties with deferred maintenance. The average vintage of the homes they buy — 1984.

After air-conditioning units, which cost $5,250 on average to replace in metro Denver, additions represent the third most requested project by millennials. They average a pricey $40,825 and allow older and smaller homes to accommodate growing families.

Concrete driveway replacements rank fourth. At an average cost of $3,881, concrete represents a cheaper option over pavers. Drywall installation is the fifth most requested home improvement project, at an average cost of $1,639, and young homeowners in Denver are especially fond of adding closet space.

Tighter finances and uncertainty about getting a fair deal result in millennials tackling repairs and some improvements on their own, a task made easier with online instruction videos, according to Brad Hunter, chief economist with HomeAdvisor.

The most popular home improvement project in metro Denver remodeling among owners regardless of age are bathroom remodels. Unlike some of the “must do” projects, a bathroom remodel represents a “want to” project.

“Any kind of a room remodel is about the aesthetic you are going for. It is a whole separate category”. Other “want to” projects that make the top-five list of improvements, driven heavily by Baby Boomer spending, include building a deck or porch, average cost of $6,935, and installing a concrete patio, average cost of $2,443.

_{Full article at denverpost.com}

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