More than half — 55 percent — of homeowners plan to continue or start renovations this year, with 4 in 5 intent on hiring professional help. These findings bode well for residential contractors, architects and suppliers that are coming off a year where homeowners that renovated focused primarily on main home structure and outdoor space upgrades.
Eighty percent of homeowners who renovated in 2014 made upgrades to the main home structure, while 62 percent improved their outdoor space or structures, according to a recent Houzz & Home survey.
Not surprising, renovators in the Northeast and Midwest focused more on interior remodels, with Western- and Southern-located homeowners more active with outdoor upgrades.
Kitchen and bath improvements topped the list of popular interior renovations for 2014.
Major kitchen remodels, which at a minimum include replacing all kitchen cabinetry and appliances, run on average $29,400 for a smaller kitchen — 200 square feet or less. Larger kitchen upgrades that involve more than 200 square feet come in at $42,400.
Bathroom remodels, which at a minimum include replacing bathroom cabinetry/vanity, toilet and countertops, run on average $10,500 for 100 square feet or less. Bathrooms that exceed 100 square feet typically cost around $18,800.
In larger-scope kitchen and bathroom projects costs can be higher if a construction professional is involved. The survey found that 84 percent of homeowners utilized professional help last year. Roughly half — 44 percent — of these owners involved a general contractor. Another half — 48 percent — hired a specialty service provider directly without the help of a general contractor.
Landscaping of garden beds or borders is the most common outdoor project, tackled by 2 in 5 homeowners.
Resale value is of greatest importance to renovating homeowners making $100,000 to $200,000, while smart home integrations are the focus of those $200,000-plus households.
Baby boomers lead in volume of renovation investments last year, spending on average twice as much on a kitchen remodel then millennial homeowners. However, millennial homeowners were just as likely to renovate their homes as other age groups.
The survey received 15,000 responses from millennials and found these homeowners spent $5,100 on average for a small kitchen and $7,500 for a large kitchen.