Door and Window Additions Make Top Five in Remodeling ProjectsMay 20th, 2014 by DWM Magazine
Doors and windows are a leading home remodeling project. According to the recent Houzz & Home Survey a door/window addition or replacement was among the top five renovation projects for homeowners with 22 percent of respondents saying they completed a project over the past five years. The survey gained more than 135,000 respondents in the U.S. among the 190,000 respondents globally.
The average spend for a door/window addition or replacement is $9,524, for those who hired a professional for their project. Homeowners in the Northwest have the highest average door/window spend ($10,887), followed by the West (10,233), Midwest (8,955) and South (8,418).
Eight percent of those who replaced or added doors or windows in the last five years hired a service provider.
Matt Power, CEO of LaCantina Doors based in San Diego says he is seeing an overall increase in sales and this includes remodeling projects.
“People in California and the Northwest are definitely embracing our product more and more and are choosing to invest in their homes,” he says. “The options available to homeowners are far greater than they were years ago. People are more inclined to invest or spend.”
With the exception of millennials, the majority of U.S. homeowners (66 percent) who are remodeling say they plan to stay in their home for the long term. 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. While homeowners remain cautious about the economy, three quarters (74 percent) said their local housing market has improved, and there was a significant drop in the percentage of homeowners who said funding their renovation project or staying on budget was a challenge this year (19 percent versus 27 percent in 2013). Those who report a significantly improved local housing market are more than twice as likely to be planning to remodel (42 percent) than they are to move (16 percent) in the next two years.
Among those planning to remodel, one in five (22 percent) feel that prices are rising too fast to consider moving at this time, and a quarter (24 percent) would prefer to move but say remodeling their home makes more economic sense.
Additionally, cash remains the dominant source of financing across all age groups and areas of the country, with 80 percent of homeowners saying they paid for their last remodeling project out of pocket. Millennials were more likely to borrow from friends and family to pay for their recent project compared to other age groups (four percent versus one percent, respectively), and are more likely to have used a credit card (30 percent) to finance their last remodeling or building project than other age groups (21 percent).
“The investment that people make in their homes is not only a financial one, it’s also a very emotional one,” says Liza Hausman, vice president of community for Houzz. “Rather than opting to move, the majority of Houzz homeowners undertaking renovation projects are choosing to do so because they want to stay in their home, not because they can’t afford to move. Significantly more homeowners on Houzz are able to fund their remodeling projects this year compared with last year, and we see them investing to create a home that meets their needs now and for the long-term.”
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 akitchen remodel or addition in the next two years.
Those with homes larger than 4,000 square feet are twice as likely to make additions of 1,000 square feet or more (10 percent versus 5 percent, respectively).
When it comes to replacement projects, flooring/paneling/ceiling are most popular at 27 percent, followed by doors/windows (22 percent) and roofing (15 percent).
Other Key U.S. Findings:
- From initial research to the start of construction, homeowners spend six months to a year planning for big-ticket renovations 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.