Home Renovations From Popular Projects to Financial Investments

Homeowners within the United States have embarked on a large number of home improvement projects over the past few years. It’s expected that there will be even more home remodeling projects being requested this year and over the coming years. While homeowners may be remodeling one or two rooms, others may choose to have several remodeled or have entire home renovations.

Common Home Improvement Jobs

The U.S. Census Bureau reported the following types of jobs performed by design build and remodeling companies:

  • Major additions and alterations: 30%
  • Minor additions and alterations: 40%
  • Maintenance and repairs: 30%

Popular Remodeling Jobs for 2016

While there were a variety of home renovation projects completed during 2016, four categories were the most requested. According to the National Association of Home Builders’ data, these were the top four requested home improvement jobs:

  • Kitchens
  • Bathrooms
  • Whole-house renovation
  • Room additions

In addition to master bedroom additions, some homeowners may have renovated their basement into a den or entertainment room.

Overall Home Improvement Spending

Home improvements, which includes repairs, were valued at roughly $326.1 billion U.S. dollars in 2015. Spending estimates for 2018 remodeling projects were $340 billion, according to the Joint Center for Housing Studies of Harvard University. The midrange cost for a bathroom remodel, for instance, is now slightly over $19,000.00. An upscale remodel, however, may cost about $61,000.00 on average.

Over the course of the last year, spending on home improvement products alone totaled $303 billion. In 2019, this spending is expected to further increase to approximately $409.2 billion.

First-Time Home Buyer Renovation Spending

The 2017 U.S. Houzz and Home Study revealed some interesting results. In 2016, individuals that purchased their first home with the intention of renovating it spent $33,800.00. This is a 22% increase from 2015.

Renovation Spending by Age Bracket

Millennials, who are within the 25-to-34-year-old age bracket, invested more in their homes during 2016 than they did in 2015, according to the 2017 U.S. Houzz and Home Study. This amounted to a seven percent increase. Baby Boomers and homeowners 55 years of age and older continue to spend more than Millennial homeowners. In fact, Baby Boomers spend about three times as much as their younger counterparts.

Contact Remodeling Contractors to Learn More

Whether you know exactly how you want one or more rooms in your house remodeled, or are still searching for ideas, remodeling contractors can assist you with this process. Once you consult with a remodeling contractor, you’ll be able to discuss what you envision as well as obtain their recommendations. After the renovations are completed, just imagine how much more your home will reflect your lifestyle, personality, and taste.

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