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Consumers Are Active Spenders on Remodeling
Tuesday, June 23, 2015 6:35 AM

As home prices rise, home owners—across all age groups—are sprucing up their homes again, according to the fourth annual Houzz & Home survey, based on responses from more than 170,000 U.S. respondents and 260,000 respondents globally.

Millennial homeowners were found to be just as active when it comes to remodeling as other generations. The key motivation for renovation projects among the 25- to 34-year-old crowd is making a newly purchased home their own.

The data show that millennial views on resale value, energy efficiency, healthy homes, and other factors are similar to those of older generations.

Among all age groups, kitchens are the dominant interior remodeling project, with nearly one-third of home owners surveyed planning kitchen remodels in 2014.

Millennial home owners spent an average of $26,300 on major remodels of a large kitchen, considered more than 201 square feet, and $16,100 for major remodels of a small kitchen, less than 201 square feet. On the other hand, Baby Boomers spent an average of $45,200 on major large kitchen remodels and $38,700 on small kitchen remodels.

The majority of home owners surveyed said they hired a professional to help with their remodeling projects. Nineteen percent of home owners were also likely to hire landscape contractors, 12 percent used interior designers, and used 10 percent each of architects or landscape architects/designers.

One of the top challenges identified in renovations is finding products and professionals among all generations. Millennials said the biggest challenge is staying on budget with their remodels.

The majority—across generations—used savings or personal finances to pay for their home upgrades. However, one in three millennials charged renovation expenses to a credit card versus 25 percent of other generations.

 

Source:  Realtor Magazine, 12 June 2015