Trends in Home Renovation Projects
Home-renovation projects continue to be in the plans of many American homeowners this year, and painting figures in many of those plans, according to recent results of the American Express Spending & Saving Tracker
Many homeowners say they’ll continue to opt for the “DIY“ approach, according to the sampling of the spending and savings habits of 2,045 affluent and young professional consumers.
Almost 64% of U.S. homeowners plan to invest in renovation projects in 2011, according to the “Tracker” survey. Painting and redoing rooms were the most popular indoor projects indicated.
The survey indicates the number of people planning to make renovations is close to the 2010 percentage (62%); however, the amount that homeowners plan to spend has dropped from an average of $6,200 in 2010 to $3,400 in 2011, the survey said.
The survey also indicated that only 43% of homeowners believe they would get the asking price for their home if it were on the market today, despite an increase in confidence in the real estate market from last year.
‘Spending Green to Make Green’
The survey reports that 32% of homeowners with home-improvement plans said they have intentions to invest in “green” improvements, in particular energy-saving projects.
Those surveyed indicated plans to spend on energy-saving measures because of the long-term, cost-saving benefits. Energy-efficient windows and doors (16%) are at the top of homeowners’ lists, followed by: insulation (12%), roofing (11%), and heating/ventilation/cooling systems (10%).
Bathroom Remodels Hold on to Top Spot
The survey indicated that indoor renovations are in the plans of the majority of those who figure on remodeling or other upgrades (55%), while outdoor remodeling plans are at 29%. Those homeowners who are interested in outdoor projects are most concerned with refreshing their landscaping (22%), followed by building or redoing a deck or patio (9%).
Painting and redoing rooms remain the most popular indoor projects, and in a repeat of the 2010 survey results, bathrooms remain the top contender for the most popular room remodel.
