PALO ALTO, CA — Homeowners undertaking a kitchen or bath remodeling project experience myriad challenges, but the greatest obstacles by far are finding professional design assistance, deciding on the right products and staying on budget.
That’s among the key findings of the eighth annual “Houzz & Home Survey,” a newly released study of residential remodeling activity conducted by Houzz, the Palo Alto, CA-based online platform for home renovation and design. Houzz’s study, conducted among more than 140,000 respondents, covered a wide range of renovation projects, and contains important cues for kitchen/bath design professionals seeking to grow revenue and increase market share.
According to Houzz, the top consideration for renovating (for owners who’ve lived in their home for six years or more) is a desire to remain in place while they age and their needs change. Personalization is the most important factor for those who’ve lived in their homes less than one year, Houzz said.
“Pent-up demand continues to be the biggest trigger for renovations today, as older generations, who represent four in five renovating homeowners, prefer to stay put and invest in the design and functionality of their current home rather than moving,” Houzz said.
Median spending for kitchen remodels, the most popular room to renovate, jumped 27% in the past year, following a 10% increase in 2017, Houzz said. Median spending on guest and master bathroom remodels, the second and third most popular rooms to renovate, grew by 17% and 14% respectively, the company noted, adding that overall renovation activity remained “strong” through 2018.
This year is “on track to be another robust year for the home improvement market,” Houzz said.
Other key findings from the Houzz survey were as follows:
- Know Your Prospects: Baby Boomers (ages 55-74) and Gen Xers (ages 40-54) represent four of five renovating homeowners, while Millennial homeowners (ages 25-39) represent 14% of renovators and Gen Zers (ages 18-24) account for a small share of renovating homeowners, according to Houzz.
- Know What to Sell: An overwhelming majority of homeowners continue to prioritize improvements to the home’s design and functionality during renovations. Most homeowners, although not as many, also rate financial considerations such as resale value, renovation costs and energy efficiency as very to extremely important. Homeowners remain divided on health-, green- and tech-related priorities.
- Understand Financing Sources: Using cash from savings continues to be the top way to fund home renovations. Consistent with the rise in credit card spending between 2011 and 2017, an even greater share of homeowners paid for renovations with a credit card in 2018 than in 2017. Reliance on credit cards and gifts or inheritance as funding sources is higher among younger generations (under age 40), while secured home loans and past home sale proceeds are the key for homeowners 40 and older.
Interestingly, as a project’s price point increases, homeowners are less likely to rely on savings and credit cards – turning instead to home loans, home-sale proceeds and other funding sources.
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