If you are ready to renovate your North Island home, your first question is probably, how much is this going to cost me? That is likely quickly followed by the question, how long will the renovation take? While the answers to these questions can vary extensively due to the size and scope of your remodeling project, having a basic idea of what to expect can help. The 2016 Houzz & Home Annual Survey gathered statistics from more than 70,000 homeowners who renovated in 2015, and here is a rundown of what those results said.
Home Renovation Spending Averages
Homeowners who renovated in 2016 spent an average of $59,800 on their projects, but this number really doesn’t provide the entire story. Those who were involved in more extensive renovations such as adding a second story to their home, renovating their kitchens with high end appliances, rare granite and elaborate tile spent the most. Homeowners who renovated small, perhaps changing a secondary bathroom or replacing carpeting in an upstairs bedroom, spent significantly less.
These numbers did provide us with some interesting information, however. Most notably, new homeowners spent much more on their renovations while those who were getting ready to put their properties on the market spent a lot less. Renovation spending also correlated strongly with the age of the homeowner. For instance, those in the 55 and older group spent much more than those individuals under 34 years of age.
Kitchen and Bathroom Renovations Still Top the List
Kitchens and bathrooms remain the hot spots for home renovations in North Island and across the country. With the improving economy, homeowners spent about 12-percent more on these renovations in 2015 compared to 2014. Major kitchen remodeling costs about three times as much as making more minor changes, so the exact amount spent again depends on the goals and budgets of the homeowners.
Funding a Home Renovation
Most homeowners are paying for their renovations with savings or other personal funds rather than by taking out loans or building credit card debt. Those in the younger age groups did tend to use credit cards more often than individuals over the age of 55 which likely means that older individuals are using personal or retirement assets to help them create the homes of their dreams or spaces that are more functional as they age in place.
Average Time Spent on Renovations
Once a homeowner in North Island or other parts of the country embark on their renovation, the average amount of time spent on it is typically two or more months. For a closet renovation, time spent averaged about 2.5 months, and for a master bathroom 3.9 months or a kitchen renovation approximately 5 months. This time includes interviewing general contractors, the design phase, waiting for permits and actual construction, showing that there is much more to a home renovation than simply lifting a hammer and getting started.
People renovate their homes in North Island and across the country for many different reasons including a desire to stay in place rather than move and to address current issues with outdated homes. When properly executed, a home renovation adds value, increases functionality and makes a home more attractive too. While there is no doubting that every renovation takes time and requires some financial commitment, working with a qualified general contractor is the best way to minimize dollars spent and keep the timeline reasonable too.
At Alair Homes North Island, we work with homeowners every day, helping them to achieve their renovation dreams for less. Our completely transparent way of doing business puts the customer in charge, helping them to better control the budget and monitor the timeline. With our national reputation for excellence, we are also able to secure bottom dollar prices on many of the finest quality materials and expert sub-contractors. To learn more or inquire about your dream renovation, give us a call and request a free, no obligation consultation.