Are you hearing hammering and seeing even more home improvement delivery trucks in your neighborhood? If you’re thinking there’s been a jump in the amount of remodeling projects, you’re right.
A report released Tuesday found that half of the 150,000 U.S. homeowners queried are planning or continuing home and garden enhancements, according to the residential resource Houzz.
The 7th annual Houzz & Home survey reports that the ongoing renovation boom saw homeowners in Portland and nationwide spend a median of $15,000 to upgrade their homes in 2017. Costs were higher in Los Angeles, San Francisco and Seattle.
The top 10 percent of spenders last year invested $85,000 or more.
Budgets were broken when owners decided to buy more expensive products or materials, or they discovered products or services cost more than expected.
Costs were cut when homeowners were actively engaged in decorating, renovating or repairing.
People paid for their projects with cash or savings most of the time, and less often by deferring payments on credit cards or securing loans.
The top reasons for a remodel were to improve the design and functionality of the space as well as increase the home’s resale value, especially with a new kitchen and bathrooms. Home security and automation installations, such as thermostats, electronics and lights, were also frequent additions.