More than half of homeowners on the Houzz platform plan to start or continue renovation projects in 2018, according to the annual Houzz & Home survey.
The survey also found 58 percent of 130,735 respondents performed renovation projects in 2017, at a median cost of $15,000. The findings mark the third year of increases in homeowner renovation projects, according to Houzz.
Kitchens and bathrooms dominated interior remodel projects in 2017 and were performed by 31 percent of respondents to the survey.
Houzz Principal Economist Nino Sitchinava said all of the evidence from the survey points to another “robust” year for home improvement in 2018.
“Recent buyers and long-term homeowners alike are keen on investing in major projects,” Sitchinava said in a statement. “Kitchens and bathrooms continue to fuel spend, while exterior features and systems, such as home security and automation, are on the rise.”
Houston recorded the largest spending increases in 2017, likely due to the devastation caused by the hurricane season last year; home renovations in the city increased 60 percent, from a median of $15,000 in 2016 to $24,000. Los Angeles recorded the second largest home renovation spending surge in the U.S., climbing 25 percent to a median of $25,000.
The study also found homeowners have become “more deliberate” when planning and budgeting for housing renovations; the number of those who said they are more likely to set a budget rose 12 percent compared with 2015 (77 and 69 percent, respectively).
When it comes to hiring, 80 percent of homeowners said they chose to hire a home professional to perform renovations in 2017. The survey also found homeowners are more likely to hire specialty service providers without the involvement of a construction manager.
Houzz’s full report can be found here.
