Study Shows Homeowners Are Spending More on Remodeling

remodelingWhen it comes to construction, many people likely think of building a new home. However, the latest in remodeling news shows that a growing number of clients who hire contractors are more interested in making changes to their current home. What’s more, they are also spending more money to get the results they want.

According to a survey conducted by Angie’s List, a website that uses customer reviews to rank local American businesses, more than 60% of contractors’ clients are planning to spend more money on home improvements than the previous year. However, this change isn’t due to a jump in prices: instead, the projects themselves are getting bigger.

After interviewing affiliated contractors, the study found that 25% of consumers are planning to spend $10,000 or more on home improvements in 2015. The remodeling projects that make up these amounts often focus on the kitchen, bathrooms and bedrooms. These are often typical project areas, with bathroom remodels offering significant returns on a homeowner’s investment. However, the survey also found that homeowners are increasingly asking for bigger closets and pantries, an interesting trend.

Angie Hicks, the founder of Angie’s List, says that the higher prices are likely linked to a number of design trends that have become popular in recent years. While remodeling the typical bathroom might have cost roughly $15,000 in the past, for example, Hicks says homeowners are increasingly choosing to install master bathrooms, which can start at $20,000 and cost as much as $50,000. Similarly, she pointed out that stainless steel appliances have become extremely popular, adding several thousand dollars to a homeowner’s planned expenses.

Hicks’ theories, as well as the survey’s findings, have been corroborated by many contractors around the United States, who have seen certain trends and remodeling work in general become more popular in recent years.

“Historically speaking, remodeling has always been a busy industry that doesn’t seem to be slowing down anytime soon,” says John Gubisch, Vice President of Smith Thomas Smith. “Instead of looking for a brand new house in the suburbs, we’re seeing homeowners would rather stay in more urban areas but will opt for an updated kitchen or bathroom. At the moment, we’re seeing a demand for bathroom tiles — instead of wood — and higher premium kitchen appliances.”

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