Spending is on the Rise for Kitchen and Bath Renovation, According to Houzz
Homeowners are investing larger budgets into their kitchen and bathroom renovation projects, according to the fifth annual Houzz & Home survey of more than 120,000 respondents in the U.S. The annual survey is the largest survey of residential remodeling, building, and decorating activity published. Here are some findings :
The average spend on kitchen and master bath remodeling projects in 2015 increased by 12 percent year over year!
Kitchens remain the most popular interior remodeling project (31 percent), followed by master/nonmaster bathrooms (22 and 26 percent, respectively) and living/family rooms (23 percent).
Renovating homeowners also tackled a more diverse set of projects in 2015 than in 2014, with a greater emphasis on upgrades to interior spaces (72 percent versus 69 percent) and exterior features like windows and roofing (56 percent versus 53 percent).
When it comes to the motivations behind renovations, finally having the time was the top trigger for home renovation projects in 2015 (38 percent), ahead of finally having the financial means (37 percent), the top trigger for 2014 projects.
Homeowners are renovating instead of buying a “perfect” home largely due to their desire to stay in their current home or lot (49 percent) or remain in their current neighborhood (31 percent).
When considering priorities, kitchen projects top the list for these homeowners (41 percent versus 31 percent for the average renovating homeowner) along with other major projects to improve the comfort of their home such as home automation (33 percent versus 19 percent).
People tend to buy a home with the intention of renovating versus seeking an already “perfect” home, with the goals of creating a personalized space (34 percent), capitalizing on the affordability of renovating versus buying a home (32 percent), or maximizing their return on investment (32 percent).
Popular projects include upgrades to exterior paint, roofing, exterior doors and decks (27, 20, 19, and 17 percent, respectively). Homeowners preparing their home for sale spend just over half the amount that recent home buyers invest in their projects ($36,300 versus $66,600), prioritizing immediate return on investment and rapid sale.
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