Many summer vacations have turned into staycations, but there is a silver lining to your canceled trip: The money you were going to spend on travel can be put toward renovations. A new survey from Groundworks that polled nearly 1,900 Americans found that 30 percent of people are using the spare funds to improve their homes. With average vacation costs totaling $1,145 per person (or $4,850 for a family of four), there’s plenty of opportunities to spruce up your space.
So how is everyone spending their extra cash? More than half of the respondents said they’re addressing structural issues, like adding a new roof and fixing the foundation. These often-overlooked renovations are worth making, especially if you’re considering selling your place down the road. Waterproofing the basement and turning it into a living space adds square footage to a house, which increases its market value. On the flip side, a neglected foundation can end up costing you 30 percent of your home’s value at resale.
Sure, repairing cracked walls, sloped floors, and stuck doors doesn’t sound as appealing as building a backyard greenhouse or carving out a zen firepit area, and unlike building a home gym, these updates won’t impact your day-to-day routine. But you’ll thank yourself down the road for making the necessary updates when you go to sell. Who knows, you might have enough to finally take that trip to Italy.
Introducing Domino’s new podcast, Design Time, where we explore spaces with meaning. Each week, join editor-in-chief Jessica Romm Perez along with talented creatives and designers from our community to explore how to create a home that tells your story. Listen now and subscribe for new episodes every Thursday.