Houzz does an annual survey of its members about their renovations to find out the trends in home remodeling. According to Houzz 2017 Home Survey, home remodeling spending increased in 2016, and that is good news. Of the 107,000 surveyed, over half did a remodeling project in the past year. Of those who did not, over half reported they intended to remodel in 2017.
The greatest growth in home remodeling are those who are first time home buyers. Seven percent more are remodeling upon home purchase in 2016 as compared to 2015, typically to customize the master bedroom, and spending 22% more, spending an average of $33,800. Repeat home buyers and those that are between the ages of 35-55 spent an average of $53,300-$75,000 customizing an average of 3.7 rooms and upgrading 3 systems (plumbing, electrical, home automation) in their home. Long term owners (6+ years) and those that are over 55 years old spent an average of $61,500-$73,000 for their renovations on an average of 2.5 rooms and upgrading 2 systems in their home. About 15% of the projects included an addition to the room being remodeled.
The main reason given that triggered their recent home remodeling for the majority of the respondents (37%) is that they reported the time was right. Those buying a home wanted to customize it, and those long-term owners cited finding damage as making the time right for a home remodeling project. Thirty six percent reported they had waited until they had the finances to do their renovation.
For the repeat home buyer, kitchens, bathrooms, and living room remodeling are the top rooms for the home remodeling projects. In addition to interior remodeling, 53% included outdoor renovation projects. Close to 90% reported that improving the design in the home is the top priority (89%), followed by improving the functionality (84%). Sixty four percent wanted to improve energy efficiency and half of them wanted “green products” integrated in the project. One surprising answer is 52% of first time home buyers had the priority of addressing health concerns when remodeling, whereas only 37% of long-term owners had that as a priority (—maybe because they had previously addressed them?). One increasing priority is having a smart tech home, 28-35% of the respondents said that was a priority..
The greatest challenge the homeowners reported with their home remodeling projects is making the appropriate selections to keep within budget. It was easy to choose products that raised the cost of the project beyond their target budget. A professional designer can help with selections and strategies on where to save, and where to spend to get the desired look and experience.
Over 94% of repeat homeowners hired a professional for their home remodeling project. The majority (90%) of homeowners used savings to pay for their project. Those that secured loans, 86% of them used home equity to finance their project. They wanted to experience greater enjoyment of their home sooner, than later.
Happy Home Remodeling!
Tagged home remodeling, houzz
SINCE 1979