The annual Houzz & Home survey of residential remodeling, building and decorating found that the majority of 66 percent of U.S. homeowners who are remodeling plan to stay in their home for the long term. 53 percent of U.S. homeowners are remodeling to increase the resale value of their home but do not have plans to move within the next five years, and only 16 percent plan of homeowners plan to sell their home in the next 2 years.
In a sign of the continuing improvement in the real estate market, 74 percent of respondents said their local housing market has improved, and only 19 said paying for their renovation project or staying on budget was a challenge this year. In an encouraging sign for homeowners in the New York City, who have enjoyed a very strong rebound in home prices, 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.
80 percent of homeowners report that they paid for their last remodeling project out of pocket with cash. Millennials were more likely to borrow from friends and family to pay for their most recent renovation project.
Bathrooms and kitchens are the most popular renovation projects in 2014, with 26 percent of people surveyed planning a bathroom remodel or addition. 22 percent of respondents are planning a kitchen remodel or addition in the next two years.
Nationally, kitchen renovations receive the highest share of dollars spent by U.S. homeowners with an average remodeling cost of $26,172. Homeowners in the Northeast and West, who tend to spend more on their renovation projects and have larger project scopes overall, spent an average of $32,155 and $29,411, respectively on their kitchen renovations.
Among other interesting findings from the Houzz & Home survey, homeowners spend six months to a year, from initial research to the start of construction, planning for big ticket renovations projects with complete home remodels taking an average of 9.7 months and kitchen remodels/additions taking an average of 8.3 months.
Among the most difficult challenges for homeowners considering 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).
The Houzz & Home survey underscores the importance of partnering with experienced New York City general contractor who can patiently guide homeowners from the earliest stages of research through the entire construction process.