Which Homeowners are spending the most on Remodeling?
Room Additions
It’s not surprising that adding ons were the most expensive in the Harvard study. This is especially true for bathrooms and kitchens. It’s even more surprising that a recreation room costs almost $27,000. This likely includes smart devices and home theaters. Remodelers and builders need to be up-to date on the most recent Homeowners are spending tech products.
Disaster Repairs
Harvard’s study found that homeowner expenditures for disaster-related improvement projects have increased by nearly twice the amount of the average two-year period of $14 billion over 20 years.
Kitchen Remodels
The most frequently used part of your home is the kitchen. A high-quality finish will provide a longer lifespan and can withstand the abuse of children, soccer balls, and many meals.
Attachments outside
This category includes patios and decks as well as garages. Although garages are obviously the most expensive option, patios can be a great addition to any home.
You can help your clients get the patio they want by using paver base panels.
Exterior Replacements
According to the study, nearly half of homeowners’ improvement dollars are now spent on replacing their homes due to the aging of their housing stock.
Roofs are the most expensive, at an average cost of $7.674, but replacements for windows and doors were slightly cheaper (3.7 million vs. 3.4 million).
Bath Remodels
Professional bath remodels are similar to kitchens. They involve multiple trades and offer a wide range of finishing options. According to the study, minor remodels cost on average $3,400, while major remodels cost just over $23,000.
It is important to decide whether you are going to offer quick, inexpensive remodels or more detailed custom work when starting a remodeling business. Be careful not to be seduced by high-dollar figures.
Yard or Lot Improvements
While the majority of yard or lot improvement is made up of sprinkler systems and fencing, retaining walls and driveway work, more expensive items like tennis courts and pools increase the dollar value. This illustrates the interesting division between luxury and maintenance.
Interior Replacements
According to the study, replacement projects now account for a greater percentage of homeowner improvement budgets than in the past recession. While flooring, carpeting, and insulation are the most important single items in Interior Replacement, they are often combined into larger overall projects, such as a general remodeling project.
System Replacements
The study defined “systems” as plumbing fixtures and DWV, wiring, HVAC, appliances, and wiring. It was interesting to note that 30% of homeowners spent money on projects that could lower home energy costs. This was particularly true in areas with older homes and more severe winters.
Additional Resource:
https://www.budgetdumpster.com/blog/ultimate-home-remodeling-project-plan/
https://homeguide.com/costs/house-remodeling-cost
https://www.realsimple.com/home-organizing/home-improvement/renovation-vs-remodel-definition