If you are thinking about renovating your home, then data recently shared by houzz.com will help you as you plan your remodeling project. A survey shows 130,735 American homeowners answered questions about the home renovations they did in 2017 and answered questions about current remodeling plans for 2018.
Kitchen remodels continue to be the most popular and the most costly of home improvement projects; spending here actually increased 10 percent last year. The second most popular remodeling project was a guest or other bathroom. Master bathroom remodels came in third in popularity (for the first time ever), while living/family rooms were in fourth. Homeowners on average remodeled 2.9 rooms at a time.
Eighty-three percent felt their kitchen upgrades increased the value of their home, while 81 percent felt their master bathroom did — far more than they felt any other renovation project did (ranging from 76 to 48 percent). Houzz suggested that master bathroom projects’ percentage increased last year because older homeowners who have become empty-nesters are busy making their personal living areas more luxurious — and a beautiful and spa-like master bathroom is definitely a great way to achieve that kind of comfort.
The most popular exterior improvements in 2017 were exterior painting at 23 percent; new windows or skylights, 22 percent; exterior doors, 21 percent; roofing, 21 percent; gutters or downspouts,19 percent; and decks, 15 percent.
Homeowners who have lived in their existing home for six or more years accounted for 57 percent of all renovations, which is interesting because 57 percent of homes are 30-plus years old. But remodeling activity among recent homebuyers also grew, with repeat buyers (those who recently purchased a home) spending the most, approximately $25,000 per household.
The survey questions covered remodeling projects for the kitchen, family room, master bedroom, bathroom, laundry, home office, dining, guest room, closet, or upgrades to home systems; and adding backyard amenities. The median price point for all renovations was $15,000. Eighty-five percent of homeowners paid for their projects by using cash or savings, 33 percent paid with credit cards and 11 percent used a home equity line of credit. Many projects were paid for by using a combination of funds.
Of those surveyed, only 77 percent started their projects with a budget. Of those with a budget, 19 percent went over budget by more than 25 percent; 27 percent went over budget by less than 25 percent; 49 percent stayed on budget, and only 6 percent came in under budget.
Half of those surveyed planned to either continue remodeling that had begun in 2017 or to begin renovations in 2018. Forty-eight percent planned on decorating; 34 percent planned home repairs, and 3 percent planned on building a home. Of those who planned to start or continue renovations in 2018, the median budgeted amount to spend was $10,000 per household, with the top 10 percent of spenders planning to spend $50,000 or more per household.
I trust all your remodeling plans and dreams will become everything you wish them to be.
Live well — live in beauty!
This article is written by Ginna Parsons from Northeast Mississippi Daily Journal, Tupelo