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Wednesday, May 1, 2013

Majority of U.S. Home Owners Believe Now is a Good Time to Renovate

Significantly more U.S. home owners are moving forward with renovation projects compared to this time last year, according to the second annual Houzz & Home survey.

A majority of the home owners surveyed also believe now is a good time to remodel (53%), and 58% of those planning projects in the next two years will hire professional help.

The 2013 Houzz & Home survey garnered responses from 100,000 Americans about their past and future plans to remodel and decorate their homes.

The number of home owners who say they will delay their projects because of the economy has dropped to 45% from 52% last year, and home owners are more likely to cut back in other areas, such as vacations and other big ticket purchases, rather than delay or decrease budgets for their home plans.

While improving the look and feel of the space is still the key driver for recently completed projects (83%), the number of home owners who remodeled to increase their home value has increased to 54% from 47% in 2012.

Bathrooms and kitchens top America’s renovation project list again this year, with 28% of respondents planning a bathroom remodel or addition, and 23% planning a kitchen remodel or addition in the next two years.

Over the last five years, home owners on average spent $28,030 to remodel their kitchens; however, spending varies widely at different budget levels. Home owners spent an average of $54,942 nationwide for a high-end kitchen, $22,390 for a mid-range kitchen, and $7,133 for a lower-budget kitchen.

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