84% of homeowners responded that they probably will start their remodel in the next 12 months.
Sunnyvale, CA (PRWEB) March 8, 2011
ABCD Publishing announced this week the release of RemodelOrMove.com’s U.S. Remodeling Sentiment Report for Spring 2011. Highlights of the report are further confirmation that spending on remodeling will continue to increase and that homeowners continue to minimize the scale of their remodeling plans.
Of the 5,000 homeowners surveyed, 84% responded that they probably will start their remodel in the next 12 months. This compares with just 70% who reported they would in 2009 but still isn’t at the levels of 2006 – during the heyday for remodeling – when 90% of those participating in the survey stated they would remodel.
While the confidence to remodel is increasing, the scale of the remodeling projects continues to be at the lowest levels recorded. Over the past two years homeowners have been reporting they plan to remodel or add on an average of just 2.6 rooms, compared to 3.4 in 2006.
Adding a bathroom continues to be the most popular remodeling project, with 57% of homeowners having this as part of their plans, up from 52% in 2006. Renovating kitchens and bathrooms is less popular, with 49% and 44% of homeowners, respectively, including these in their plans. Garage additions also are less popular compared to 2006, falling from 24% to 15% of respondents planning to include this in their project.
Bathroom additions can be easier to justify for budget minded homeowners when compared to bathroom and kitchen renovations. While bathroom additions can be expensive, they often are seen as a necessity for a growing family and can make better financial sense if the addition of the bathroom matches the average number of bathrooms for homes in the area. Kitchen remodels and bathroom renovations also can be justified financially, but the decision to remodel these rooms often is seen as a discretionary expenditure and can be postponed for a few years.
In addition to changes in the number of rooms and types of rooms that are being remodeled, the big change in this most recent report is the percentage of respondents describing the materials and fixtures that will be used in their remodel as “economy” (21%), compared to just 8% in 2006. This large increase further demonstrates that while the number of remodels is increasing, the scale and expense has yet to increase from the lows seen in the midst of the recession.
Additional information can be found at: http://www.RemodelOrMove.com/survey_reports.cfm
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