A Brief Overview of Home Renovations From Common Projects to Increased Spending

Whether they’ve just moved into a new house or have lived in the same place for decades, many homeowners choose to repair, remodel, or totally renovate their homes. Over the past few years, a considerable number of homes have been remodeled to upgrade, expand, or otherwise improve the property.

Recent Data on Remodeling Activity

The U.S. Census Bureau reported that recent remodeling activity has been divided up into these categories:

  • Major additions and alterations: 30%
  • Minor additions and alterations: 40%
  • Home maintenance and repairs: 30%

Even though remodeling companies, along with individual remodeling contractors, may complete a wide variety of projects, some may be more common and in-demand than others.

Top Renovation Projects for 2016

The National Association of Home Builders’ most current data from 2016 indicated that remodelers completed a variety of renovation projects. These two, however, were at the top of the list:

  • Kitchen renovations: 81%
  • Bathroom renovations: 80%

Whole-house renovations came in third as the most common project, followed by room additions. In some instances, contractors designed and added on master bedrooms.

Home Renovation Expenditures During 2015 to 2017

The 2017 U.S. Houzz and Home Study provided detailed information on home renovation expenditures. During 2016, first-time home buyers spent an average of $33,800.00 on various renovations. This constituted a 22% increase from 2015, which is significant.

It’s interesting to note that Millennials made larger investments in their homes in 2016 than in 2015. This amounted to a seven percent larger investment. Baby Boomers, along with homeowners 55 years of age and older, spend more than Millennial homeowners, however. According to the 2017 U.S. Houzz and Home Study, homeowners within this age range invested about three times as much as the Millennial generation.

Recent Home Improvement Spending and Projected Expenditures

In 2015, the amount spent on home improvements and repairs in the United States was approximately $326.1 billion U.S. dollars. Last year, $303 billion was spent on home improvement products alone. Harvard University’s Joint Center for Housing Studies estimated that home remodeling spending would amount to $340 billion in 2018. In 2019, the total projected sales for U.S. home improvement retailers amounts to $409.2 billion.

Are You Searching for a Design Build Contractor?

Even though you may not be planning to sell your home in the near future, you can increase its value and earn a solid return on your investment when and if you do plan to sell. Whether you’re planning to renovate your entire house, add on a master suite, or have another project in mind, working with a design build contractor can streamline this process.

If you’re not familiar with design build contractors, these professionals will take care of both designing and building what you need. Once you schedule a consultation to discuss your renovation ideas, they will be able to assist you with bringing your home improvement ideas into being.

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