Homeowners Say Now is a Good Time to RenovateApril 12th, 2013 by DWM Magazine
Significantly more U.S. homeowners are moving forward with renovation projects compared to this time last year, according to the second annual Houzz & Home survey that garnered more than 100,000 responses from the Houzz community of 14 million monthly unique users. A majority of the homeowners surveyed also believe now is a good time to remodel (53 percent), and 58 percent of those planning projects in the next two years will hire professional help. The study also found that three-quarters of homeowners believe that now is a good time to buy a home.
The number of homeowners who say they will delay their projects because of the economy has dropped to 45 percent from 52 percent last year, and homeowners are more likely to cut back in other areas, such as vacations and other big ticket purchases, rather than delay or decrease budgets for their home plans. While improving the look and feel of the space is still the key driver for recently completed projects (83 percent), the number of homeowners who remodeled to increase their home value has increased to 54 percent from 47 percent in 2012.
Bathrooms and kitchens top America’s renovation project list again this year, with 28 percent of respondents planning a bathroom remodel or addition, and 23 percent planning a kitchen remodel or addition in the next two years.
The study also found that homeowners renovating at the higher-end were more likely to go over budget than those doing more modest renovations, though a significant number reported going over budget at all project levels. Fifty-six percent of those doing a high-end renovation, 42 percent of those who did a mid-range renovation, and 31 percent of those whose renovation was lower-budget also spent more than expected on their projects.
The Houzz & Home Survey was emailed to registered users of the Houzz website between January and February 2013. Edge Research conducted the survey.