HOME RENOVATION BOOM CONTINUES: 2018 is on track to be another solid year for home renovations, with half of homeowners planning to renovate their home (50%). Renovation activity and spend was strong in 2017, with 56% of homeowners renovating their homes, at a median spend of $16,000. Recent repeat homebuyers spend twice the amount of long-term homeowners.
KITCHENS AND BATHROOMS LEAD ACTIVITIES AND SPEND: Kitchens topped the list of interior remodels for renovation frequency in 2017, with more than a quarter of renovating homeowners tackling kitchens (28%), followed by guest bathrooms, living/family rooms and master bathrooms (24%, 23% and 19%, respectively). Repeat and first-time homebuyers are more likely to take on kitchen renovations than long-term homeowners (40% and 37%, respectively, versus 28% 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.
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%, respectively).
CASH REMAINS KING: When it comes to funding renovations, cash continues to be the most popular form of payment (80%), though more than a quarter of renovating homeowners use credit cards (28%). First-time homebuyers are more likely to finance their home projects with credit cards (37%) as compared with repeat homebuyers and long-term homeowners (28% and 24%).
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KITCHENS AND BATHROOMS LEAD ACTIVITIES AND SPEND: Kitchens topped the list of interior remodels for renovation frequency in 2017, with more than a quarter of renovating homeowners tackling kitchens (28%), followed by guest bathrooms, living/family rooms and master bathrooms (24%, 23% and 19%, respectively). Repeat and first-time homebuyers are more likely to take on kitchen renovations than long-term homeowners (40% and 37%, respectively, versus 28% 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.
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%, respectively).
CASH REMAINS KING: When it comes to funding renovations, cash continues to be the most popular form of payment (80%), though more than a quarter of renovating homeowners use credit cards (28%). First-time homebuyers are more likely to finance their home projects with credit cards (37%) as compared with repeat homebuyers and long-term homeowners (28% and 24%).
Download the Full Report
Download the Global Comaprison Report