Fewer homeowners are putting off home renovations as the economy improves, according to data collected from more than 100,000 survey responses for a study by Houzz, an online platform for home remodeling and design.
Fifty-three percent of respondents to the 2013 Houzz & Home Survey said that now is a good time to renovate a home, and only 11 percent of survey respondents indicated they would need a line of credit to finance projects to add value to their homes.
Citing a forecast by Harvard University’s Joint Center for Housing Studies, The Columbian reported that spending for U.S. remodeling in the 12 months through Sept. 30 could climb 20 percent compared with a year earlier – to $145.5 billion.
The Houzz survey, which pointed to increased energy efficiency as a primary motivating factor for owners planning projects to improve the look, flow, feel and layout of their homes, showed that 48 percent of homeowners surveyed plan to either remodel, put on an addition, or build a custom home.
A hearty 84 percent of survey respondents from U.S. Midwest cities, including Cedar Rapids, Iowa, said they plan to decorate or redecorate their homes with an updated look.
Houzz connects homeowners, home design enthusiasts and home improvement professionals across the globe. It said “a majority of homeowners planning major home renovation or decoration projects in the next two years are also planning to hire professional help.”