BackU.S. Homeowners Tackle Remodeling Challenges07/14/24

Houzz.com, an online platform for home remodeling and design information, recently published a report on homeowners planning to stay put and renovate rather than sell. The majority of homeowners (58%) tackled a renovation project in 2022. Plus, more homeowners decorated in 2022 (57%) than in 2021 (55%). And the share of homeowners who made home repairs (48%) and built new homes (5%) also rose 2 points each year over year. https://www.houzz.com/pro-learn/blog/many-homeowners-plan-to-stay-put-and-renovate-rather

For U.S. homeowners 35 to 64 years old, the leading factor in kicking off a renovation project was finally having the financial means to put long-awaited plans into action. The income levels of the survey respondents were evenly split, but nearly 50% estimated their home value at $200,000 to under $500,000.

Among renovating homeowners, 64% bought paint for their projects in 2023, making paint once again the most popular purchase. However, that percentage is 4 points lower than in 2022. (Information taken from https://drive.google.com/viewerng/viewer?url=https://st.hzcdn.com/static/econ/2024-US-Houzz-and-Home-Study.pdf).

A Reasonable Budget

The Houzz survey found that most homeowners are leveraging personal savings to fund renovations, with only 25 percent charging expenses to a credit card and only 10 percent taking out a loan. You might be asking: If the preferred method of financing a remodeling project is savings, then how much should I save?

“Major kitchen remodels, which at a minimum include replacing all kitchen cabinetry and appliances within the existing home footprint, run on average $29,400 for a smaller kitchen (200 square feet or less) and $42,400 for a larger kitchen (more than 200 square feet),” according to the survey. “Major bathroom remodels, which at a minimum include replacing bathroom cabinetry/vanity, toilet and countertops within the existing home footprint, run on average $10,500 for a smaller master bathroom (100 square feet or less) and $18,800 for a larger master bathroom (more than 100 square feet).”

The Right Service Provider

Renovation spend has surged in the past three years, with the median spend* increasing by 60% between 2020 ($15,000) and 2023 ($24,000). The top 90th percentile of spend rose as well, increasing by 77% between 2020 ($85,000) and 2023 ($150,000). In addition, more than half of renovating homeowners (51%) spent $25,000 or more on their renovations in 2023, up from 37% in 2020.

https://www.houzz.com/magazine/2024-u-s-houzz-and-home-study-renovation-trends-stsetivw-vs~174492310

But remember, hiring the best service provider—a high-quality firm like Wineteer Construction—means other hassles like finding the right products or materials, staying on schedule and dealing with the unexpected will be much easier to navigate! If you’re considering a kitchen remodel, check out a top notch gallery for inspiration!