More consumers are remodeling their kitchens and master baths, says a new Houzz survey. The average spending on kitchen and master bath remodeling projects in 2015 jumped by 12 percent over the previous year. Plus, kitchens are still the top renovating project, followed by master/non-master bathrooms and living/family rooms. Homeowners were also found to have focused on a “more diverse set of projects” last year compared to the year prior, “with a greater emphasis on upgrades to interior spaces and exterior features like windows and roofing.”
“2015 was another strong year for the home renovation market, with homeowners continuing to increase investment in their homes,” says Nino Sitchinava, principal economist at Houzz. “While the majority of renovations are spurred by homeowners’ desire to upgrade a home they have lived in for some time, recent home purchases are also an important driver of home renovation activity. Recent homebuyers tend to do more, spend more, and are more likely to hire professionals to help with their renovation projects than other homeowners. As the churn in the housing market picks up in the near future, the home renovation market should see meaningful growth.”
Check out the full 2016 Houzz & Home Report.
