SUNNYVALE, CA - The RemodelOrMove.com, a web marketer of remodeling services, says its latest U.S. Remodeling Sentiment Report finds the scale of planned home remodeling projects continues to rise.
The stock market recovery, rising home prices and homeowner equity, low interest rates and pent-up demand for home maintenance are fueling the rise of remodeling, according to RemodelOrMove.com.
The study found homeowners have a growing preference for luxury home products.
"This trend indicates that the remodeling industries will recover top down, with the higher-end products increasing in use disproportionately when compared with the average and economy products," says a release from RemodelorMove.com.
Indicators of the return of luxury include:
•Homeowners are describing the materials they will use in their remodel as "expensive" at the highest rate since 2008.
•The scope and scale of remodels is the largest since 2007, with an average remodeling cost estimated to be $100,000.
•73 percent, the highest percentage since the Report started in 2006, are planning to hire a general contractor.
Kitchen remodeling has returned as the top project for the first time since 2008. "This shift is another indicator that 'luxury' is returning," says RemodelorMove.com. "Many homeowners view a kitchen remodel as a luxury while a bathroom addition or remodel can be sometimes justified as a necessity."
Average home equity reported by homeowners taking this survey was $123,000 – the highest since 2009. The near-equal costs of remodeling a current home, about $100,000, and the cost to move to a better home, about $113,000, makes choosing more difficult for consumers.
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