Homeowners Favor Remodeling
With the exception of Millennials, the majority of U.S. homeowners (66 percent) who are remodeling plan to stay in their home for the long term, according to the third annual Houzz & Home survey, which included responses from more than 100,000 Americans.
Fifty-three percent of U.S. homeowners say they are remodeling to increase the resale value of their home but have no plans to move in the next five years, and just 16 percent plan to sell their home in the next two years.
Other findings from the survey include:
- Bathrooms and kitchens are the most popular renovation projects again this year, with 26 percent of respondents planning a bathroom remodel or addition, and 22 percent planning a kitchen remodel or addition in the next two years.
- When it comes to replacement projects, flooring/paneling/ceiling are most popular at 27 percent, followed by windows/doors (22 percent) and roofing (15 percent).
- From initial research to the start of construction, homeowners spend six months to a year planning for big ticket renovation projects, including custom home builds (12.6 months), complete home remodels (9.7 months) and kitchen remodels/additions (8.3 months).
- Top challenges for homeowners renovating are finding the right products (39 percent), defining their style (28 percent), making decisions with spouse/partner (25 percent) and educating themselves (22 percent). Millennials had more trouble defining their style and making decisions with their spouse or partner (43 percent and 34 percent, respectively) than other age groups.
- Homeowners who plan to hire a professional service provider over the next two years are most likely to hire a general contractor (52 percent) and a carpet/flooring professional (34 percent).
(Source: Houzz June 24, 2014)