Latest news with #ThisOldHouse
Yahoo
24-07-2025
- Business
- Yahoo
Homeowners are pouring their equity into renovations because there's ‘no incentive' to sell in today's housing market
High home prices and mortgage rates have made the housing market especially tough for millennials, leaving many priced out of buying larger or new homes. As a result, a growing number of homeowners are opting to renovate by tapping home equity to stay put. This shift reflects the new reality where renovating for function and value, rather than moving, is becoming the norm among younger generations. No matter which way you slice it, the housing market is challenging for just about everyone right now. Mortgage rates nearing 7% and elevated home prices have kept buyers out of the market. Sellers have gotten fed up with not getting the offers they think they deserve. That's been especially tough for millennials who are growing out of their first homes. In many markets across the U.S., some smaller or starter homes are selling at or near $1 million—which prices the vast majority of younger buyers out. But instead of dwelling on the fact they can't afford their dream home, many current home owners are turning to renovations instead to add that idealistic kitchen or extra bathroom they would've wanted in a newer, larger home. Results from a June survey by This Old House, a home improvement brand, shows 60% of millennial homeowners and 56% of Gen Z homeowners have remodeling or renovation plans this year. In the real estate industry, it's generally agreed upon that renovating a current home can typically be cheaper than building a new home from scratch or buying a larger existing home—although there are always individual factors at play that can impact a homeowner's decision. But according to renovations marketplace Realm, it's $49,000 cheaper on average to renovate an existing home and $79,000 cheaper to expand it than to buy a new one. Realm, which was founded in 2019, is responsible for about $200 million worth of projects each year, mostly in California and Seattle. Why homeowners are staying in place This staying-in-place phenomenon is caused by four main factors, Liz Young, founder and CEO of Realm, told Fortune. The first is current homeowners don't want to sell their properties and re-enter a housing market that has mortgage rates much higher than the sub-3% rates of the pandemic era. Second, there is very high home equity in the U.S. Many homeowners tap into this home equity through a home equity line of credit (HELOC) for home renovations. This is also an appealing option because even if the home renovations are expensive, they're being financed through a HELOC at more manageable monthly payments. Next is that we have an aging U.S. population who are staying in their homes for longer, and finally, new zoning rules have made it easier for homeowners to add on to their current homes or even build accessory dwelling units (ADUs) for family members or for use as a rental property. 'If you live in an area where the price per square foot to purchase a home is high, you could almost always add space and significantly increase your home value in doing so,' Young said. 'There's just no incentive right now for a consumer to leave their home and disrupt that low [mortgage] rate.' Home renovation trends Young said they're seeing homeowners approach adding space to a home in three ways: adding to their primary residence, building ADUs, and converting unused space to make it functional. This would include additions such as an extra bathroom or bedroom or converting a garage, a shed, or basement for livable space for a family member or a tenant. Because renovations can be disruptive, Young said homeowners are also prioritizing getting multiple renovation projects done at once. 'If you've ever gone through a renovation, the reality is they are disruptive,' Young said. 'Because people could tap into home equity to fund these projects, we're really seeing them do multiple things at the same time.' Kitchen renovations are one of the most popular choices among homeowners, Young said, as well as larger-scale outdoor projects. 'With the pandemic, people got used to entertaining and hanging out outside. This is just an extension of our living area,' she said. 'We're seeing people look to have a fluid indoor-outdoor living setup where you're able to transition seamlessly from entertaining or hanging out inside as well as outside.' This could include projects like hardscaping, outdoor kitchens, pools, and poolhouses. Outdoor living rooms are also popular. The trends in home renovations also ultimately show how the American dream has changed. 'The big thing that we've seen change is this idea of buying your dream home out of the gate,' Young said. 'If I rewind the clock 15 years ago, people had these big ambitions or dreams of like, 'Oh, I'm going to buy this amazing house and it's going to be perfect.' And for millennials—myself included—that's just not the reality. There's not enough housing inventory.' This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
19-07-2025
- General
- Yahoo
This Forgotten Home Feature Is So Life-Changing, I Can't Believe It Hasn't Caught On
This article may contain affiliate links that Yahoo and/or the publisher may receive a commission from if you buy a product or service through those links. It's been three years since my family and I moved to Knoxville, Tennessee, and I can say with my whole chest that putting in an offer three hours after seeing this house was one of the best decisions I've ever made. I love the city's scruffy vibe, the new friends I've made, the seasons, and the sense of community that's unlike anything I've experienced in any other city I've lived in. On top of all this, I've fallen in love with our house, even with all its idiosyncrasies and imperfections. The house was built in 1988, and I've learned to live with and work around some of its outdated features. For instance, I've disguised most of the intercoms either by hanging artwork over them or painting them to blend in with the walls. I've learned (with help) how to best use the storage space in our under-stairs closets. There's one out-of-fashion home feature, though, that I've — unexpectedly — come to love and appreciate: our central vacuum cleaner. What is a central vacuum cleaner? Per This Old House, central vacuum cleaners are whole-home vacuum cleaners installed in your walls — they're an alternative to the common portable vacuum you probably have shoved in a closet or corner somewhere. They're usually more powerful than portable vacuum cleaners because they are permanent fixtures in your home — no need to lug around your vacuum cleaner from room to room. Each room will have an 'inlet' that you plug a lightweight hose into, and you start cleaning. When did they become popular? Central vacuum cleaners have been around since the turn of the century, but became much more popular in the 1960s with the introduction of PVC pipes, which cut costs and simplified installation. By the 1990s, central vacuums surged in popularity and became a value add to many homeowners. These days, however, central vacuums in U.S. homes are more rare in new constructions as developers cut costs. Installations of central vacuum systems, while possible, are expensive and more difficult than building them in as the home is being built. But they are more popular in other countries — they are far more common in countries like South Korea, for example. And some reports suggest that North America and Europe are currently the largest markets for central vacuums. Are central vacuum cleaners making a comeback? While central vacuum cleaners are still a rarity, they may be on their way to a bona fide comeback. A recent market forecasting report from Straits Research says that 'the market for central vacuum systems is expected to have significant expansion' in the period from 2025 to 2033. According to the report, 'with the growing need to maintain good indoor air quality in residential and nonresidential spaces, the adoption of these central vacuum systems has increased further.' I can say that I wholeheartedly think that more homes should have central vacuum cleaners. They're mightily powerful, they clean your air, and you don't need to lug your vacuum up and down the stairs or all over your house. Why I love our central vacuum system To be honest, I'd never really thought about central vacuum systems before I had one of my own. My first thought was to just ignore it and continue vacuuming with my favorite Dyson and our robot vacuums, but once I started researching the benefits of central vacuums, I decided to embrace ours, and I'm so glad I did. There are a few reasons central vacuums are great (and I'm not the only one who thinks so). They're powerful. Because its motor doesn't have to fit into a portable unit, a central vacuum unit can be up to five times more powerful than a regular vacuum cleaner. This translates to drastically better cleaner power — and a much cleaner house. They're quiet. Again, because its motor is elsewhere in the house (ours is in the garage), a central vacuum is usually much quieter than other vacuum cleaners, even with its more powerful suction. I'm very easily overstimulated by noise, so this quieter operation is something I really value. They massively improve indoor air quality. Unlike regular vacuum cleaners, exhaust air from central vacuum cleaners is vented outside or into utility areas. This keeps indoor air quality much cleaner. 'Since the accumulated dirt and debris are transported away from the living areas, a central vacuum benefits and significantly improves indoor air quality by reducing the recirculation of dust and allergens,' according to Central Vac. They're so convenient. Two main factors make a central vacuum system more convenient than stand-alone vacuums. For one thing, there is no heavy unit that has to be dragged around the house, pushed, or carried upstairs. Using a hose attached to the wall outlet of a central vacuum system is much less cumbersome than even a cordless vacuum cleaner. (Hide-A-Hose retractable systems are even more convenient.) In addition, the canister of a central vacuum unit only needs to be emptied maybe twice a year, unlike the canisters of regular vacuum cleaners, which need far more frequent emptying. And they last forever. Central vacuum systems are built to last 15 to 20 years, and can last even longer with maintenance. Stand-alone units rarely last this long. I purchased a new accessories set for our central vacuum system to make it feel like our own, and I'm so glad I embraced what at first I almost completely dismissed. This 'outdated' feature has become one of my favorite things about our house. Further Reading
Tom's Guide
07-07-2025
- Business
- Tom's Guide
Forget Prime Day — I just bought this DeWalt miter saw for 40% off at Lowes
I'll confess: One of my favorite shows is "The New Yankee Workshop," which I watched when it aired right after "This Old House." Even though it's been off the air for a few years, I still occasionally will watch an episode on YouTube, comforted by Norm Abram's New England accent and flannel shirts. I haven't dabbled in woodworking all that much — but that's about to change, because I just picked up the DeWalt 12-in 15-Amp Dual Bevel Sliding Compound Corded Miter Saw for $399 at Lowe's, where it's currently $230 off its regular price. This isn't a Prime Day deal — this saw will be on sale through August 6 — but it seemed too good a deal for me to pass up. The DeWalt Dual Bevel Sliding Compound Corded Miter Saw has a 15-amp, 3800 RPM motor, and can cut up to 2 x 16 dimensional lumber at 90 degrees and 2 x 12 at 45 degrees. Price check: Home Depot: $399 I've long had my eye on a miter saw — I don't have a ton of room in my house, and I'm tired of having to use a handsaw and miter box to cut trim pieces. However, I could never really justify the price of the miter saw I truly wanted. I wanted one with a dual bevel. That means you can angle the blade on both the vertical and horizontal planes. I also wanted a sliding model, so I could cut larger pieces of wood. Now, I'm not going to set up a furniture shop in my garage, but I do want to be able to do things like build some shelving, an outdoor stand and storage for my pizza oven, and maybe even a new fireplace mantle. I couldn't justify the expense of the DeWalt at its regular price of $629, but at its sale price of $399, it seemed too good to pass up. Plus, I'll learn a few new skills along the way, and save me from buying things that are already built. Just remember: Measure twice, cut once.
Yahoo
20-06-2025
- Business
- Yahoo
UPDATE: Palm Beach lakeside home of Bob Vila, America's TV handyman, fetches $33 million
Television handyman Bob Vila of "This Old House" fame and his wife, Diana Barrett, have parted with their lakefront Palm Beach estate for $33 million, the price recorded with the deed. On the market with different agencies since late 2023, the estate at 690 Island Drive on Everglades Island had recently seen a $4 million price reduction to $35.9 million. A trust was on the buyer's side of the transaction, the deed recorded June 17 shows. Palm Beach attorney Scott W. Hoffman of the Alley, Maass, Rogers & Lindsay law firm serves trustee of the trust. Because of privacy rules governing trusts, no information about anyone else connected to the trust was immediately available in public records. The seven-bedroom house was built in 1949 but remodeled and expanded by Vila and Barrett. The house has 7,621 square feet of living space, inside and out, and the interior space totals about 6,300 square feet. Plans for the property under the new ownership are not yet known, including whether the house will be razed and replaced with a new one. The deed lists Vila and Barrett's mailing address as a house at 260 N. Woods Road on Palm Beach's North End. The multiple listing service shows that four-bedroom house on a third of an acre has been under contract, having been listed at $12.9 million last fall. On the east side of Everglades Island, the house Vila and Barrett just sold on Island Drive measures four-fifths of an acre with about 175 feet of frontage on the Intracoastal Waterway, a dock and a boat lift. The rear of the house looks directly across the lakeside pool patio to the Lake Worth Lagoon and the rest of Palm Beach. The house had been in Barrett's family since the mid-1970s. She had owed it in her name since 2005, when she paid $6.1 million for it, property records show. 'When (Diana) bought the house, we were living in Massachusetts and had a beach house in Boca Grande, Florida, but Diana and I visited it frequently,' Vila told the Palm Beach Daily News for an April 2024 article about the property. The estate has several areas designed for outdoor living, including a red-brick loggia. Large expanses of windows and glass pocket doors also capture water views. Vila, a former chairman of the Palm Beach Architectural Commission, starred in the home-improvement shows 'This Old House' and 'Restore America with Bob Vila.' He also has his own website, His wife's professional resume includes teaching business and public health at Harvard University. The sale closed June 12, according to the multiple listing service. Broker Christian Angle of Christian Angle Real Estate handled both sides of the sale, the MLS shows. He had held the listing since September 2024, when he priced it at $39.5 million. Angle, Vila and Barrett could not immediately be reached for comment. The house has been on the market since November 2023, when it was first listed at $52.9 million by one of Vila and Barrett's children, real estate agent Chris Vila of PB Realty Advisors. Brown Harris Stevens agents Liza Pulitzer, Whitney McGurk and Blair Kirwan later co-listed the property PB Realty Advisors. Angle then took over the listing alone. The homeowners reduced the price several times since the property was first listed. The house has not been for sale in nearly 50 years when it was put on the market in 2023, according to the original sales listing. It had been in Barrett's family before she bought it from the estate of her late mother, Gioconda King. King, who died in 2004, was the widow of investment banker Joseph King and had owned the house since 1975. 'It's a lovely mixture of Old Florida with a real family legacy — but brought up to 2024 standards,' Barrett told the Palm Beach Daily News last year. Vila and Barrett's improvement projects to the property were detailed and extensive, Vila told the Palm Beach Daily News for the same article. 'The house had to be completely renovated,' Vila said. 'It was lovely to look at, beautifully decorated and filled with antiques. But when you take everything out, if you are a builder, you say to yourself, 'There are problems.' The electric (system) and plumbing were antiquated, and the roof needed to be replaced.' With a fireplace, the living room connects to an expansive poolside loggia that is completely enclosed with glass windows and doors. The layout also includes a water-view main bedroom suite, a dining room and a library. A newer wing includes the kitchen, a pantry, a breakfast-and-family room, a laundry area, the two-car garage and a guesthouse addition. Outdoor-living areas also include a patio at the home's entry and an open-air brick loggia and pool patio shared by the family room and guesthouse. To the south of the family room is another patio and a slat house for growing orchids. Barrett had the house listed as her primary home in Palm Beach County property records. Island Drive runs the length of Everglades Island, an island three-quarters of a mile long in Palm Beach's Estate Section. The island is connected to the rest of Palm Beach by a short bridge to Island Road. The house on North Woods Road that Vila and Barrett listed as their mailing address on the newly recorded Island Drive deed was built in 1977, records show. With a two-car garage and a poolside outdoor loggia, the one-story house has 4,184 square feet of living space, inside and out. The MLS shows agent Jim McCann of Premier Estate Properties listed the house on North Woods Road for sale in mid-November. At one point, McCann had the Woods Road house and a vacant lot next door listed at $22.9 million. McCann declined to comment. The Woods Road house last changed hands in October 2020 for $6.28 million, courthouse records show. At that time, it was bought by the 260N Property Limited Partnership of Toronto, which in March 2022 added the adjacent vacant lot through a purchase recorded at $9.25 million. In November 2024, Vila and his wife sold, for $13.375 million, a 1940s-era Palm Beach house at 345 Pendleton Lane in Midtown. The couple had bought the Pendleton Lane house for a recorded $12.5 million in December 2023 and then carried out a modest renovation, inside and out, according to building records. (This story was updated to add new information.) (Portions of this story appeared previously in the Palm Beach Daily News. This is a developing story. Check back for any updates.) Darrell Hofheinz is a USA TODAY Network of Florida journalist who writes about Palm Beach real estate in his weekly 'Beyond the Hedges' column. He welcomes tips about real estate news on the island. Email dhofheinz@ call 561-820-3831 or tweet @PBDN_Hofheinz. This article originally appeared on Palm Beach Post: Palm Beach home of TV handyman Bob Vila sells for $33 million
Yahoo
20-06-2025
- Business
- Yahoo
UPDATE: Palm Beach lakeside home of Bob Vila, America's TV handyman, fetches $33 million
Television handyman Bob Vila of "This Old House" fame and his wife, Diana Barrett, have parted with their lakefront Palm Beach estate for $33 million, the price recorded with the deed. On the market with different agencies since late 2023, the estate at 690 Island Drive on Everglades Island had recently seen a $4 million price reduction to $35.9 million. A trust was on the buyer's side of the transaction, the deed recorded June 17 shows. Palm Beach attorney Scott W. Hoffman of the Alley, Maass, Rogers & Lindsay law firm serves trustee of the trust. Because of privacy rules governing trusts, no information about anyone else connected to the trust was immediately available in public records. The seven-bedroom house was built in 1949 but remodeled and expanded by Vila and Barrett. The house has 7,621 square feet of living space, inside and out, and the interior space totals about 6,300 square feet. Plans for the property under the new ownership are not yet known, including whether the house will be razed and replaced with a new one. The deed lists Vila and Barrett's mailing address as a house at 260 N. Woods Road on Palm Beach's North End. The multiple listing service shows that four-bedroom house on a third of an acre has been under contract, having been listed at $12.9 million last fall. On the east side of Everglades Island, the house Vila and Barrett just sold on Island Drive measures four-fifths of an acre with about 175 feet of frontage on the Intracoastal Waterway, a dock and a boat lift. The rear of the house looks directly across the lakeside pool patio to the Lake Worth Lagoon and the rest of Palm Beach. The house had been in Barrett's family since the mid-1970s. She had owed it in her name since 2005, when she paid $6.1 million for it, property records show. 'When (Diana) bought the house, we were living in Massachusetts and had a beach house in Boca Grande, Florida, but Diana and I visited it frequently,' Vila told the Palm Beach Daily News for an April 2024 article about the property. The estate has several areas designed for outdoor living, including a red-brick loggia. Large expanses of windows and glass pocket doors also capture water views. Vila, a former chairman of the Palm Beach Architectural Commission, starred in the home-improvement shows 'This Old House' and 'Restore America with Bob Vila.' He also has his own website, His wife's professional resume includes teaching business and public health at Harvard University. The sale closed June 12, according to the multiple listing service. Broker Christian Angle of Christian Angle Real Estate handled both sides of the sale, the MLS shows. He had held the listing since September 2024, when he priced it at $39.5 million. Angle, Vila and Barrett could not immediately be reached for comment. The house has been on the market since November 2023, when it was first listed at $52.9 million by one of Vila and Barrett's children, real estate agent Chris Vila of PB Realty Advisors. Brown Harris Stevens agents Liza Pulitzer, Whitney McGurk and Blair Kirwan later co-listed the property PB Realty Advisors. Angle then took over the listing alone. The homeowners reduced the price several times since the property was first listed. The house has not been for sale in nearly 50 years when it was put on the market in 2023, according to the original sales listing. It had been in Barrett's family before she bought it from the estate of her late mother, Gioconda King. King, who died in 2004, was the widow of investment banker Joseph King and had owned the house since 1975. 'It's a lovely mixture of Old Florida with a real family legacy — but brought up to 2024 standards,' Barrett told the Palm Beach Daily News last year. Vila and Barrett's improvement projects to the property were detailed and extensive, Vila told the Palm Beach Daily News for the same article. 'The house had to be completely renovated,' Vila said. 'It was lovely to look at, beautifully decorated and filled with antiques. But when you take everything out, if you are a builder, you say to yourself, 'There are problems.' The electric (system) and plumbing were antiquated, and the roof needed to be replaced.' With a fireplace, the living room connects to an expansive poolside loggia that is completely enclosed with glass windows and doors. The layout also includes a water-view main bedroom suite, a dining room and a library. A newer wing includes the kitchen, a pantry, a breakfast-and-family room, a laundry area, the two-car garage and a guesthouse addition. Outdoor-living areas also include a patio at the home's entry and an open-air brick loggia and pool patio shared by the family room and guesthouse. To the south of the family room is another patio and a slat house for growing orchids. Barrett had the house listed as her primary home in Palm Beach County property records. Island Drive runs the length of Everglades Island, an island three-quarters of a mile long in Palm Beach's Estate Section. The island is connected to the rest of Palm Beach by a short bridge to Island Road. The house on North Woods Road that Vila and Barrett listed as their mailing address on the newly recorded Island Drive deed was built in 1977, records show. With a two-car garage and a poolside outdoor loggia, the one-story house has 4,184 square feet of living space, inside and out. The MLS shows agent Jim McCann of Premier Estate Properties listed the house on North Woods Road for sale in mid-November. At one point, McCann had the Woods Road house and a vacant lot next door listed at $22.9 million. McCann declined to comment. The Woods Road house last changed hands in October 2020 for $6.28 million, courthouse records show. At that time, it was bought by the 260N Property Limited Partnership of Toronto, which in March 2022 added the adjacent vacant lot through a purchase recorded at $9.25 million. In November 2024, Vila and his wife sold, for $13.375 million, a 1940s-era Palm Beach house at 345 Pendleton Lane in Midtown. The couple had bought the Pendleton Lane house for a recorded $12.5 million in December 2023 and then carried out a modest renovation, inside and out, according to building records. (This story was updated to add new information.) (Portions of this story appeared previously in the Palm Beach Daily News. This is a developing story. Check back for any updates.) Darrell Hofheinz is a USA TODAY Network of Florida journalist who writes about Palm Beach real estate in his weekly 'Beyond the Hedges' column. He welcomes tips about real estate news on the island. Email dhofheinz@ call 561-820-3831 or tweet @PBDN_Hofheinz. This article originally appeared on Palm Beach Post: Palm Beach home of TV handyman Bob Vila sells for $33 million
