How Satisfied Homeowners Are With Their Home Improvement Spending in 2017
Home improvement isn’t always easy to do on a budget. Many homeowners wind up paying more than they initially expected when they uncover a rotten subfloor, for example, or find that their plumbing repair is more extensive than expected. But, even when a homeowner spends more than they originally planned, the vast majority of them feel satisfied with their renovation project and enjoy living in their upgraded home.
However, the satisfaction level varies by a number of factors, including the amount spent on the project and whether it adds long-term value to the home. Homeowners also report that the satisfaction of the renovation depends on which projects they undertake.
The most popular projects include sparkling bathroom overhauls and big-ticket kitchen and basement remodels. While these renovations may help boost a home’s resale value, they often don’t come close to returning the initial investment.
On the other hand, projects that improve energy efficiency can often deliver a substantial return on investment when it comes time to sell. For example, installing new windows and doors is a cost-effective way to increase a home’s efficiency.
Despite these challenges, homeowners continue to invest in their homes. Rock-bottom interest rates and rising confidence are making it more affordable for homeowners to pursue a variety of projects. The categories of work surging the most in 2017 are outside the home, with deck construction and fence installation up more than twofold. Homeowners are also spending more on landscaping and hiring landscapers.