Kitchen & Bath Design News

MAR 2019

Kitchen & Bath Design News is the industry's leading business, design and product resource for the kitchen and bath trade.

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SACRAMENTO, CA — Consumers are generally bullish about the impact of home renovation, with nearly three-quarters of those surveyed reporting that spending on home-improvement projects – from unexpected repairs like leaky roofs to major upgrades like kitchen remodels – always increases the value of a home. That's among the key findings of a recent online sur- vey of homeowners, conducted by The Harris Poll on behalf of NerdWallet, a Sacramento, CA-based online source for financial advice. According to the survey, roughly half (52%) of the surveyed homeowners who've undertaken a home repair or improvement project in the past two years were "easily" able to pay for the bulk of the project. As for the others, sacrifices were made (20%), debt was taken on (13%) or savings (12%) were spent (see graph below). Among those requiring funding options, 56% of the surveyed homeowners said they'd be willing to borrow money – from home equity loans or lines of credit, home refinancing or borrowing from a lender, family member or retirement fund – to undertake a renovation project that they knew would increase the value of their home, the NerdWallet survey found. Other findings revealed that many homeowners are: • Spending far less on DIY projects than on profession- al work. DIY projects accounted for 38% of all home improvements, but just 18% of all home improvement costs, according to NerdWallet. In the kitchen addi- tion/renovation category, for example, the median project cost for DIY homeowners was $22,000 less than for homeowners who hired professionals. • Lament the cost of professional work. Some 80% of surveyed homeowners claim that professionals charge "too much" for labor and materials, but 68% say those costs are "worth it over having to do it themselves." Among those surveyed, 35% say home improve- ment TV shows "have led them astray," influencing them to take on a DIY project that ended poorly. 43% of surveyed homeowners say they've "messed up" a DIY home project on at least one occasion. • Energetic when they're young. Homeowners under age 35 tackle DIY projects on more than half of all their home repair and improvement projects, a larger share than homeowners in all other age groups. As such, they're spending less on a typical project. ▪ Poll: Consumers Bullish on Renovation Kitchen remodels, like this renovation done by Susan Brisk of EuroPlus Design, 'always increase the value of the home,' according to 75% of consumers polled by NerdWallet. Photo: Elaine Fredrick Photography Source: NerdWallet HOMEOWNERS' MEANS FOR PAYING FOR HOME IMPROVEMENTS % of Surveyed Homeowners Who Have Completed Projects in the Past Two Years 52% 20% 13% 12% Able to Pay Without Tapping Into Savings, Going Into Debt or Making Sacrifices Had to Make Sacrifices to Pay for Majority of Renovations Had to Take on Debt to Pay for Majority of Renovations Had to Tap Into or Exhaust Savings to Pay for Majority of Renovations 14 Kitchen & Bath Design News • March 2019 CONSUMER BUYING TRENDS DEMOGRAPHICS & BUYING PATTERNS FOR THE HOME PUBLISHING SOLA GROUP, INC. 1880 OAK AVE., SUITE 350 EVANSTON, IL 60201 (847) 440-3000 Paul DeGrandis Publisher, ext. 100 Eliot Sefrin Publisher Emeritus, ext. 113 SALES WEST Paul DeGrandis Ext. 100 NORTHEAST Dan Miklosz Ext. 118 SOUTHEAST Dan Agostinacchio Ext. 101 MIDWEST David Ayala Ext. 119 MIDWEST Jessica Fidrocki Ext. 117 MIDWEST Zach Stenberg Ext. 115 PRODUCT & LITERATURE SHOWCASE/CLASSIFIED ADS Mike Serino Ext. 102 EDITORIAL Janice Anne Costa Editor, ext. 116 Anita Shaw Managing Editor, ext. 112 Autumn McGarr Associate Editor, ext. 104 SUBSCRIPTIONS Kitchen & Bath Design News Circulation Dept. P.O. Box 3007 Northbrook, IL 60065-3007 (866) 932-5904 ®

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