Cost & Timing On Renos - An Overview
Fresh(ish) off the presses, here is the annual Houzz report on renovations full of interesting stats and numbers. I know it sounds boring but it is actually interesting to see how and where homeowners are spending their hard earned dollars on their largest investment.
One thing that really stood out for me was the proportions of homeowners who: had a budget, had no budget, or exceeded their budget. I would have thought that the numbers would be vastly different but it was almost exactly divided in three.
The biggest reason for going overbudget? Upgrading to more expensive products or materials. That doesn't surprise me at all. Labour costs typically won't change much unless the scope of work changes drastically. Where most homeowners get caught is when they go out to select items for their project and they are drawn to the most beautiful pieces in the showroom.
What If I Want A Certain Look?
It's totally cool if you have a certain style or aesthetic you're pursuing but one of the fancy tricks up this designer's sleeve is how to achieve that look for less. You've heard it many times before but pairing lower cost large items with higher cost accent items can raise the whole room without drastically raising (or blowing) the budget.
Reassuringly, a whopping 85% of homeowners noted that they would hire a professional to help with their renovation/decor project. I find that statistic reassuring because a) I'll still have a job ;-P; and b) homeowners are realizing the value of engaging a pro to help.
Where's The Money Spent?
The most common project was the kitchen, seconded by the bathroom - not surprising. Also unsurprising was that the larger the home, the higher the overall amount of money was spent. Interestingly, the bulk of money spent came from savings. In the millennial group, a larger portion was also spent through credit cards but very little was spent using the Home Equity option.
The good thing is it seems, on the whole, homeowners are saving more and then investing wisely. I do know, however, that there are many other options for financing your renovation project. If you'd like to learn more, connect with me and I can direct you accordingly.
One little note before I send you off to the Houzz link to read the full article, this is a survey of US residents and (I'm sure) all dollar amounts are listed in USD.
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