SUNNYVALE, Calif. /California Newswire/ — The latest "US Remodeling Sentiment Report" from Remodel or Move indicated that the continued economic recovery has favorably affected homeowners. Homeowner respondents report their average home equity is now over $165,000, up from $115,000 in 2013, which combined with continued low interest rates and pent-up demand for home repair and improvements, is fueling growth. The size of an average remodel has gone up from 3.4 rooms in 2013 to 5.3 rooms in 2015.
"Bathroom and kitchen remodels remain the most popular improvements homeowners intend to make this year, but in stark contrast to previous years, the number of other rooms that homeowners plan to add or remodel has grown significantly," said Dan Fritschen, principal report author at remodelormove.com.
"The dramatic increase in home equity and consumer confidence combined with the projects that homeowners postponed during the recession has fueled a move toward remodels and home additions that are of larger scope and scale than in past years."
Even with the significant increase in the size of remodels – the DIY spirit is strong with close to 60% of homeowners planning to do some of the remodeling work themselves. The increase in home equity creates a wealth affect that drives the percent of homeowners who report they will use expensive materials up to 23% of respondents from a low of 10% in 2010 at the depths of the recession.
First published in 2005, the US Remodeling Sentiment Report is published by the popular website remodelormove.com. The report has 10 years of data containing millions of data points from U.S. homeowners, which are used to document and project homeowners remodeling preferences.
http://www.remodelormove.com/ has provided the information homeowners need to make savvy remodeling and moving decisions, reduce stress and get more for the money they invest in – remodeling their current home or moving to a home that better meets their needs.
| Specific findings from the Spring 2015 US Remodeling Sentiment Report: | |
| Average Home Equity: | $165,000 |
| Average Value of Home Before Remodel: | $353,000 |
| Average Estimated Cost of Remodel: | $151,000 |
| Average Number of Rooms to be remodeled or added: | 5.3 |
| Percentage of Homeowners who report they will: | |
| Do a lot of the work themselves | 20% |
| Do a little of the work themselves | 39% |
| Do none of the work themselves | 41% |
| Use Expensive materials | 23% |
| Use Economy Materials | 5% |
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