U.S. Homeowners Tackle Remodeling Challenges

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—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!