Are you up for a little good news? Then read this: The annual Houzz & Home survey found that spending is on the rise for kitchen and bath renovations. In fact, the average spend in 2015 for kitchen and master bath remodeling projects increased 12% over what was spent in 2014. Kitchens remain the most popular interior remodeling project, followed by bathroom renovations.
What’s behind this welcome trend? According to the 120,000 people surveyed, 38% say they finally had the time to take on a home renovation project. Another 37% say they had the required money for such work, and 26% said they recently purchased a home and were renovating to make the house more suited to their needs or tastes.
Aside from the latter group, why did those surveyed opt to renovate instead of buy an already “perfect” home? Many say it’s because they wanted to stay put in their home or neighborhood.
Notably we also read that Millennials were nearly twice as likely as Baby Boomers to consider a renovation to be a more affordable option or a better return on investment. We guess this is because the 55+ crowd spent three times more than homeowners age 25-34 on home renovations.
We also found it super interesting that nearly one-third of homeowners took on a remodeling project without ever setting a budget. Another third, who did set a budget, blew past it by spending at least one-and-a-half times more than those who came in at budget or never set one in the first place.
Overall, people spent on average nearly $60,000 on home improvements in 2015. And their top replacement feature? The kitchen counter, followed by faucets and fixtures in kitchens and baths.
There’s a wealth of knowledge in this year’s Houzz and Home survey and we will surely dive further into it ourselves. In the meantime, you can access the full report here. It’s definitely worth your while.