{"id":13021,"date":"2019-07-12T15:15:59","date_gmt":"2019-07-12T22:15:59","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13021"},"modified":"2019-06-26T10:38:42","modified_gmt":"2019-06-26T17:38:42","slug":"popular-renovation-projects-spending-trends","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/07\/popular-renovation-projects-spending-trends\/","title":{"rendered":"Popular Renovation Projects &#038; Spending Trends"},"content":{"rendered":"<p style=\"text-align: justify;\">The new State of Home Spending report by HomeAdvisor provides a treasure trove of information regarding the habits and behaviors of homeowners relating to home improvement spending, home maintenance spending, and home emergency spending.<\/p>\n<p style=\"text-align: justify;\">Misha Fisher, Chief Economist for ANGI Homeservices (which owns HomeAdvisor), provides insight on the report.<\/p>\n<p style=\"text-align: justify;\"><strong>Homeowners spend more on home improvement than home maintenance<\/strong><\/p>\n<p style=\"text-align: justify;\">When taking out their wallets, homeowners are more likely to spend money to improve their space, rather than tackle a maintenance project. \u201cFor every dollar they spend on home maintenance, homeowners spend an average of five dollars on home improvement projects,\u201d Fisher says.<\/p>\n<p style=\"text-align: justify;\">In 2018, homeowners spent an average of $7,560 on home improvement projects. \u201cThey spent an average of $1,105 on home maintenance projects, and $416 on home emergency projects,\u201d according to Fisher.<\/p>\n<p style=\"text-align: justify;\"><strong>States spending the most and least on home improvement<\/strong><\/p>\n<p style=\"text-align: justify;\">Residents in Massachusetts, Hawaii, Rhode Island and Maryland are among the states that spend the most on home improvement projects. \u201cOn the other hand, West Virginia, Wyoming, New Mexico, South Dakota, and Maine are some of the states that spend the least amount on home improvement,\u201d Fisher says.<\/p>\n<p style=\"text-align: justify;\">Home improvement spending is up by 17.5% from 2018. Fisher attributes some of this to an increase in consumer wages, and a cultural focus on design aesthetics. \u201cAlso, the cost of skilled tradespeople is rising, and there are better (but more expensive) home improvement tools,\u201d he says.<\/p>\n<p style=\"text-align: justify;\"><strong>What are homeowners improving?<\/strong><\/p>\n<p style=\"text-align: justify;\">Rooms are the most popular home improvement choice. \u201cAmong these remodeling projects, bathrooms remain the overwhelmingly popular choice across all generations, likely in part because of their comparatively cheaper cost relative to kitchens,\u201d according to Fisher. Many homeowners are incorporating 2019 bathroom technology trends. \u201cA bathroom renovation usually costs $10,352, and most homeowners spend between $5,957 and $14,832.\u201d While a small or medium-sized bathroom ranges between $3,500 and $7,000, he says that a master or large bathroom could cost more than $13,000 to remodel.<\/p>\n<p style=\"text-align: justify;\">Besides remodeling rooms, other popular projects include installing new appliances, replacing the roof, and refinishing hardwood floors.<\/p>\n<p style=\"text-align: justify;\"><strong>Motivation to complete projects<\/strong><\/p>\n<p style=\"text-align: justify;\">Among generations, millennials are more likely to complete a home project to increase the home\u2019s resale value. \u201cAlso, while baby boomers and Gen X are more likely to want to \u2018modernize\u201d their homes, millennials and the Silent Generation say they want to improve aesthetics and design,\u201d Fisher explains.<\/p>\n<p style=\"text-align: justify;\">When homeowners turn their attention to fixing parts of the home, they\u2019re replacing or repairing areas that are damaged, decaying, or defective. Fisher says they\u2019re most likely to focus on the following projects: a new roof, a new HVAC, new fencing, building a deck, new gutters, replacing windows, and new siding.<\/p>\n<p style=\"text-align: justify;\"><strong>Emergency home projects<\/strong><\/p>\n<p style=\"text-align: justify;\">One out of every five homeowners reported the need to complete an emergency home project. Examples of home emergency projects include fixing hail damage to the roof or replacing a failing hot water heater. \u201cHomeowners who live in areas prone to extreme weather events spend the most money on emergency projects,\u201d Fisher says. Texas, Alabama, Georgia, and Louisiana lead in this area, as a result of tropical storms, thunderstorms, flooding and hail.<\/p>\n<p style=\"text-align: justify;\">However, you might be surprised to find out that an older home doesn\u2019t necessary mean you\u2019ll spend more in the event of an emergency. \u201cThe owners of a 100-year-old home spend an average of $370 less on emergency home repairs than the owner of a brand-new home,\u201d Fisher says.<\/p>\n<p style=\"text-align: justify;\"><strong>How homeowners research costs<\/strong><\/p>\n<p style=\"text-align: justify;\">When researching home improvement costs, there are stark generational differences. For example :<\/p>\n<p style=\"text-align: justify;\">\u2022 Millennials : 77% use the internet, 64% check big box stores, 30% ask a previously used contractor<br \/>\n\u2022 GenX : 74% check big box stores, 70% use the internet, 23% ask a previously used contractor<br \/>\n\u2022 Baby Boomers : 60% check big box store, 58% use the internet, 35% ask a previously used contractor<br \/>\n\u2022 The Silent Generation : 50% check big box stores, 32% ask a previously used contractor, and 25% use the internet<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/freshome.com\/homeadvisor-2019-report-popular-spending-trends\/\" target=\"_blank\" rel=\"noopener noreferrer\">HomeAdvisor\u2019s 2019 Report Reveals Popular Spending Trends<\/a> by Terri Williams | Freshome<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The new State of Home Spending report by HomeAdvisor provides a treasure trove of information regarding the habits and behaviors of homeowners relating to home improvement spending, home maintenance spending, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/07\/popular-renovation-projects-spending-trends\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-13021","post","type-post","status-publish","format-standard","hentry","category-home-lifestyle"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Popular Renovation Projects &amp; Spending Trends &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/07\/popular-renovation-projects-spending-trends\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Popular Renovation Projects &amp; 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