Home Owners Willing to Spend More on Remodels
October 16, 2013
Home owners are willing to spend 30 percent of the value of their home when they remodel, according to Planese Inc.’s Fall 2013 Remodeling Sentiment Report, which reflects survey results of home owners nationwide from www.remodelormove.com.
Home owners don’t plan to skimp on their remodels: They select materials that are more expensive and spend an average of $102,000 to improve their upscale remodels, the study finds.
"The wealth effect is taking hold; consumers are spending again, which bodes well for the entire home improvement industry," says Dan Fritschen, CEO and cofounder of Planese Inc., a resource for home owners tackling remodeling projects. "More people are feeling secure enough during this economic environment that they are remodeling. It's no longer the most affluent; we are at the beginning of a multi-year trend."
Seventy-four percent of home owners say they plan to hire a general contractor, up from 64 percent in 2010 and 2007, according to the survey. Forty-three percent say they plan to do none of the remodeling work themselves, compared to 36 percent in 2010.
The remodeling projects planned are getting larger too. The average number of rooms home owners say they plan to remodel is four, according to the survey. Home owners most likely are to choose the kitchen to remodel -- which also tends to be the most expensive.
Source: Planese Inc.
Updated: November 25, 2020