A recent study on Houzz.com found that a majority of home owners in the U.S. believe now is the time to renovate and/or buy a new home. Houzz received over 100,000 responses from their website community and have posted the findings and data on their site. The Houzz findings coupled with the latest U.S. Department of Housing and Urban Development (HUD) on new residential construction numbers shows the housing market is making its strongest comeback since 2007. So now could be the prime time to renovate or buy a new home. Or some of you may choose to sell your current place and move into that “forever home” you’ve been eyeing. Read the HUD census data and the Houzz report below. My upcoming blogs will offer a few posts to inspire you…
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. In terms of dollars spent, kitchens command the lion’s share. Over the last five years, nearly four in ten home improvement dollars have gone into kitchens and survey data indicates future spend is likely to follow the same trend.Over the last five years, homeowners on average spent $28,030 to remodel their kitchens, however spending varies widely at different budget levels. Homeowners spent an average of $54,942 nationwide for a high-end kitchen, $22,390 for a mid-range kitchen, and $7,133 for a lower-budget kitchen.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.
Other Key U.S. Findings:
- Spending more time in a room does not necessarily correlate with decorating dollars. Homeowners report spending the most time in their family/TV rooms, but not the most money there. Nobody was willing to admit to spending significant time in their bathroom – but apparently the time we do spend there is worth significant investment. The percentage of money spent on kitchens and bathrooms far exceeds the percentage of time spent in these spaces.
- A majority of the homeowners surveyed who are planning to complete a project in the next two years will hire a general contractor (58 percent), and a third a kitchen/bath (36 percent) or carpet/flooring professional (34 percent). Twenty-three percent plan to hire architects and 22 percent interior designers.
- When it comes to hiring a professional for their project, 67 percent of homeowners surveyed rated a “personality I can work with” as a 5 (very important) on a 5-point scale.
- 34 percent of U.S. homeowners cited making their home more energy efficient as a key driver for completing their most recent project.
The Houzz & Home Survey was emailed to registered users of the Houzz website between January and February 2013. Edge Research conducted the survey.
You can download the full report at http://info.houzz.com/HouzzHome2013_hh2013.html
Houzz is the leading online platform for home remodeling and design, providing people with everything they need to improve their homes from start to finish – online or from a mobile device. From decorating a room to building a custom home, Houzz connects millions of homeowners, home design enthusiasts and home improvement professionals across the country and around the world. With the largest residential design database in the world and a vibrant community powered by social tools, Houzz is the easiest way for people to get the design inspiration, project advice, product information and professional reviews they need to help turn ideas into reality. For more information, visit www.houzz.com