In a recent study, homeowners said that style, not profit, was the motivation for renovations. While some projects may have incredibly value for a home, that's not the only reason to make a change around the home. Homeowners are actually more interested in pleasing themselves and taking comfort in the projects that they select to improve the décor, structure or functionality of their homes. While that's still good news for home remodeling, it's even better for the professionals who work in this industry, as the study also shows these homeowners are more likely to hire someone to help.
Among those who are planning to do a remodeling project in the next two years, 86 percent said that they are focused on "improving the look and feel of the space," and that this is an important reason, or rather one of the only reasons to get involved with a new home remodeling project. The numbers for "increasing home value" are still high at 47 percent. In all, 72 percent of homeowners that took part said that want to decorate or redecorate their homes, while 40 percent want to remodel or build an addition, and 10 percent are looking to build a customized house.
But how will homeowners afford such costly renovations? It seems they also have a plan for this. Homeowners are willing to cut vacations, work extra time, and eliminate other big-ticket purchases just to make it happen in order to have the budget that they want for their home improvement plans.
Those with upper income levels of $150,000 or more, said that they would hire an architect, contractor or designer to come in and help with the project. These homeowners made up 45 percent of the survey takers. The others surveyed cited a combination of professional help and DIY projects to get things done.
The largest projects in the last five years were custom homes, which cost upwards of $500,000 on average and complete home remodels, which are near $200,000 on average. Pool additions and replacements are another expensive factor, costing about $34,000 in total. Kitchen renovation projects cost around $25,000 on average.
While it may seem that homeowners want to increase the value of their homes, since they are staying put in these homes, it's actually that they want to increase the comfort and the personal value of the home, rather than doing so for profit. It can be looked at as more of a sign that homeowners aren't looking to sell property any more, but rather, they want increase the standards of living where they currently are.