OAKVILLE, ON - Fix or flee? That's one of the questions facing Canadian homeowners in a new Remodeling Sentiment online survey, which queried 1,200 homeowners across the country. The survey, conducted by Moen Canada in March 2013, revealed Canadians are more likely to stay put and "make my home fit my lifestyle" as opposed to moving. It also discloses healthy remodeling activity, with future plans pointing to more of the same.
Moen has monitored Canadian remodeling views semiannually since 2010, with the latest survey results showing kitchens and baths remaining strong remodeling areas that add to home value.
Spending More at Home
More than 80 percent of Canadian homeowners taking part in the survey reported the completion of at least one home improvement project within the past year, a similar percentage as in years past, with 65 percent reporting completion of multiple tasks. In addition, 78 percent plan to tackle one or more in the next six months.
On a positive note, the value of home improvement projects increased over a year ago, according to the recent Moen survey, with Canadian homeowners spending a median of $16,350 on their updates in the past 12 months versus $15,830 the year prior.
"Repair or replacement of the roof, a kitchen remodel, and replacement or addition of new windows were the most expensive projects Canadian consumers undertook," said Suvak.
Overall, homeowners plan to spend more on remodeling projects in the next six months than they had planned a year ago. Homeowners expect to spend the most on new roofs ($2,500, up from $2,000 a year ago) and kitchen remodels ($2,000, the same as last year). Exterior siding, windows, patios/decks/porches, bathroom remodels and other room remodels are additional projects where homeowners plan to spend at least $1,000. "These investments are geared toward improving the outside look of the house, while making sure that homeowners are not challenged by Mother Nature," Suvak explains.
Making My Home Mine
The Moen Remodeling Sentiment Survey firmly establishes a tendency toward remodeling over relocating -- so when the remodeling decision is made, what's the goal? It's all about comfort, as "making my home fit my lifestyle" was cited by 82 percent of respondents. Also popular: "increasing the value of the property" and "making my home more energy-efficient." So how do homeowners go about sprucing up the homestead?
"Interior painting and gardening/landscaping were the most prevalent home-improvement projects," said Suvak, relaying findings from the survey on projects completed in the past 12 months. "Bathroom remodels were more popular than kitchens, due to the smaller investment required and multiple bathrooms per home."
Over the next six months, homeowners plan similar projects, with gardening/landscaping leading the pack; however, fewer interior painting and hardwood flooring projects are slated.
Kitchens and Baths Always Popular
New faucets lead the way in products to install during bathroom remodels planned for the next six months. With 16 percent of homeowners planning to update their bath, 59 percent of those projects will include installing new faucets. Updating paint, tubs/showers and sinks are the other new changes identified for 50 percent or more of planned remodels.
Faucets are big in kitchen renovations, too. In the next six months, 12 percent of Canadian homeowners surveyed plan to remodel their kitchens, with 50 percent looking to add new faucets as part of the project. Faucet facelifts join new countertops, paint/wallpaper, sinks, cabinets and cabinet hardware as upgrades planned by 50 percent or more of homeowners who are planning a kitchen remodel.
Choices Galore in Fixture Selection
More than ever, homeowners have a myriad of choices when deciding on new faucets and fixtures. For example, today's shower designs offer unprecedented opportunities for adding deluxe features -- massaging vertical spas, rainshower showerheads and luxurious surround materials such as glass, tile and stone.
"As our survey confirms, kitchen and bath remodels are generally contributing to the home's value," added Suvak. "They're looking for trusted brands that will not only have long-lasting value, but also fit their décor preference and lifestyle. At Moen, we continue to provide consumers thoughtfully designed products to help fix up their current home to be their dream home and fit their lifestyle."
For more information about Moen Canada, visit moen.ca or call (800) 465-6130.
About Moen Canada
As the #1 faucet brand in North America, Moen Canada offers a diverse selection of thoughtfully designed kitchen and bath faucets, showerheads, accessories and bath safety products for residential applications -- each delivering the best possible combination of meaningful innovation, useful features, on-trend styling and lasting value. In addition, Moen® Commercial offers superior performing products that deliver lower lifetime costs for today's facilities.
Moen has worked diligently to support, promote and advance sustainability within the organization and the plumbing industry. The company has been recognized with the 2011 EPA WaterSense® Excellence Award, as well as the 2010 EPA WaterSense Manufacturer Partner of the Year Award, for its work to protect the future of our nation's water supply through the introduction and ongoing support of water-efficient products, programs and practices, while keeping consumers' needs top-of-mind.
Moen is part of Fortune Brands Home & Security, Inc. (NYSE: FBHS), which creates products and services that help fulfill the dreams of homeowners and help people feel more secure. The company is a leader in the home and security industries and features well-known and trusted brands like Moen® faucets, Master Lock® padlocks and security products, MasterBrand Cabinets®, Therma-Tru® entryway systems and Simonton Windows®. For more information, please visit www.fbhs.com.
Source: Moen Canada
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