According to a recent 2018 Houzz and Home Study, home renovation trends found that kitchen and bath projects are dominating the remodeling marketing in both frequency and spending.
According to the annual survey, 31% of the homeowners reported renovating a kitchen in 2017. Guest or secondary baths (27%) and master baths (24%) were the year’s next most popular renovation projects. Master baths narrowly overtook living and family rooms, which had been in the third spot a year prior. Houzz found that 58% of overall respondents reported renovation a part of their home in 2017.
Kitchen spending also ramped up in 2017 with a 10% increase in median spending: $11,00 in 2017 from $10,000 in 2016. Most of this growth came from major remodels of large kitchens (more than 200 square feet), where median spending grew from $30,00 in 2016 to $33,000 in 2017. Meanwhile, bathroom spending in 2017 held steady from a year before at a median of $7,000. Median renovation spending overall also remained flat, at $15,000.
The survey found that kitchen and master bathrooms have the highest perceived return on investment for homeowners. About four out of five homeowners reported that kitchen and master bath upgrades added value to their homes, while 33% and 23%, respectively, reported a 100% return on investment. About 70% of homeowners wanted to increase their home’s resale value with renovations, behind room design and functionality considerations (89 and 84%, respectively).
“All of the evidence from our research points to 2018 likely being another robust year for the home improvement industry,” says Nino Sitchinava, Ph.D., principal economist at Houzz. “Recent buyers and long-term homeowners alike are keen on investing in major projects. We expect the momentum to continue in 2018.”
Home security installations climbed 50% over the last two years, from 10% in 2015 to 15% in 2017. The share of homeowners installing automated home systems, such as thermostats, electronics, and lights grew by 18% since 2015, to 23%. Home exterior and backyard upgrades also saw increase.
Finally, the survey found that 88% of all homeowners who renovated in 2017 hired a professional, up from 85% in 2015. The need for specialist, such as electricians, plumbers, and carpenters, also increased to 51% (from 44% in 2015).
See more findings from the 2018 Houzz & Home Survey at www.houzz.com
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