Virksomhedsnyheder

2018 is on track to be another solid year for home renovations, with half of homeowners on Houzz Canada planning to renovate their home (50 percent), according to the annual Houzz & Home Canada survey of more than 15,600 respondents in Canada. Renovation activity and spend was strong in 2017, with 56 percent of homeowners renovating their homes, at a median spend of $16,000. Repeat homebuyers invest the most in home renovations at a median spend of $30,000, followed at a distance by first-time homebuyers and long-term homeowners ($20,000 and $15,000 median spend, respectively).*

Kitchens topped the list of interior remodels for renovation frequency in 2017, with more than a quarter of renovating homeowners tackling kitchens (28 percent), followed by guest bathrooms, living/family rooms and master bathrooms (24, 23 and 19 percent, respectively). Repeat and first-time homebuyers are more likely to take on kitchen renovations than long-term homeowners (42 and 39 percent, respectively, versus 30 percent of long-term homeowners). Kitchens were also the most expensive room to renovate, with a median spend of $12,000 for a large kitchen (more than eight square metres), followed by large master bathrooms (more than five square metres) at a median spend of $7,000.

"All of the evidence from our research points to 2018 likely being another robust year for the home improvement industry,” said Nino Sitchinava, Ph.D., Houzz principal economist. “Recent buyers and long-term homeowners alike are keen on investing in major projects like kitchens and bathrooms and they’re validated by the value these projects have brought to their homes."

While improving a home’s design or functionality are the top considerations during renovations (75 and 70 percent, respectively), increasing the home’s resale value is an important renovation consideration for over half of renovating homeowners (54 percent).** In fact, eight in 10 homeowners believe their renovation had a positive impact on home value (80 percent), and more than one-third of homeowners believe that their home value has increased by at least the full amount of the project cost post-renovation (37 percent).

Other top findings include:

• More Deliberate Planning and Budgeting: Over the past two years, homeowners have become more deliberate in planning and budgeting for renovations and were six percent more likely to set a budget in 2017 than in 2015 (75 and 69 percent, respectively).
• Cash Remains King: When it comes to funding renovations, cash continues to be the most popular form of payment (80 percent), though more than a quarter of renovating homeowners use credit cards (28 percent). First-time homebuyers are more likely to finance their home projects with credit cards (37 percent) as compared with repeat homebuyers and long-term homeowners (28 percent and 24 percent).
• Plumbing and Electrical Top System Upgrades: Homeowners prioritized plumbing and electrical over any other system during renovations (31 and 28 percent, respectively). Recent homebuyers are nearly twice as likely to upgrade electrical systems during renovations as long-term homeowners (47 and 45 percent of repeat and first-time homebuyers versus 23 percent of long-term homeowners).
• Home Professionals in High Demand: Over eight in 10 renovating homeowners chose to hire a home professional for renovation needs (84 percent). Repeat homebuyers are the most likely to seek professional assistance (93 percent), followed by first-time homebuyers and long-term homeowners (83 and 84 percent, respectively).

• First-time homebuyers refers to homeowners who purchased and renovated their homes in 2017 and did not previously own any other home.
• Repeat homebuyers refers to homeowners who purchased and renovated their homes in 2017 and previously owned another home.
• Long-term owners refers to homeowners who moved into their homes six or more years ago.