On the Fence?

Double Vanity with Granite Countertop, two Framed mirrors.

May 19 2017

If you are on the fence about whether or not to renovate, you are not alone.  After the down turn in the housing market during the recession ten years ago, you may feel skittish about making an investment of renovation in your home.  Put away your worries!  Houzz recently released its Overview of U.S. Renovations in 2016 and 2017, and the news looks positive.  Here are the highlights from the report.

A move away from massive renovations.  Typically, people were willing to renovate, but they would do it one room at a time.  What home owners are opting for now is completing a multi-room renovation that in compasses on average 3.5 rooms per renovation.  There was an eleven percent increase in spending for renovation of other living spaces like living rooms and dining rooms.  Overall spending on Kitchens and Baths noted no change.
Millennials became a larger portion of consumers willing to complete a renovation.  This is up by 22% over 2015’s numbers.  There numbers are on the increase, but not to the standard set by Baby Boomers.  They spent approximately three times more than millennials.
One thing millennials did increase their spending on in comparison to the seasoned home buyer was in the realm of Home Automation showing a difference of 37% (first-time buyers) vs 17% (long term owners).

So how are people paying for their renovations.  Cash is still king in that realm, however there has been an uptick in credit card spending from 21% to 23%.  One interesting statistic revolved around budgeting of their project.  Thirty-six percent of Houzz users polled stated that they had a challenge of staying on budget.  This may dictate the increase in credit card spending.

Where we come into play more significantly is in the need for our services.  Home owners are utilizing the skills and services of professionals from 85% to 87% in 2015 to 2016 respectively.  This is not merely in the actual installation of the products, it is the design, planning, and purchase of required materials.

Have you had the thought of remodeling your home, but have been hesitant to do so?  If you are intrigued and would like to see the possibilities I encourage to check out Houzz.  After perusing Houzz for a while and you are ready to go, I suggest giving us a call at 304-529-2537 or visit one of our three showroom locations at 1242 Fifth Avenue - Huntington WV, 5128 MacCorkle Avenue SE - Charleston WV or 540 North Jefferson - Lewisburg WV.


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