Even in this economy, homeowners are prioritizing quality of life at home before profit when it comes to remodeling and decorating. Among homeowners planning to build, remodel or decorate in the next two years:
• 86 percent cited “improving the look and feel of the space” as an important driver for remodeling projects, while only 47 percent cited ”increasing home value.”
• “Making the space more functional” was also cited as an important driver by 63 percent.
• These results were consistent across all income and demographic groups.
While the economy is having an impact on their home projects, they are more likely to cut back in other areas, such as vacations and other big-ticket purchases, than to delay or decrease the budget for their home improvement plans.
Other Key Findings:
• In the next two years, 72 percent of homeowners surveyed plan to decorate or redecorate, 40 percent plan to remodel or construct an addition, while 10 percent are planning to build a custom home.
• 57 percent of homeowners planning to complete a project in the next two years will hire a general contractor, 35 percent a kitchen or bath professional, 32 percent a carpet or flooring professional. 30 percent are planning to hire an architect, 26 percent an interior designer, and 24 percent a landscape architect or designer.