Home improvement activity and spending hit three-year high, Houzz survey finds

0

Home renovation activity and spending has reached the highest rates reported since 2019, according to the annual Houzz & Home survey of nearly 700 New Zealand respondents to leading home renovation and design platform, Houzz. . Nearly half of homeowners renovated their home in 2021 (48%), up from 41% in 2020. Following last year’s 13% growth in median spending, homeowners are reporting a further 31% increase in median spending $23,500 renovation. Owners with higher budget projects (top 10% spend) invested up to $140,000 in 2021.

Home renovation activity continues in 2022, with almost half of homeowners planning to renovate (46%) and nearly two-fifths planning to decorate (38%) this year. Homeowners report median planned renovation spend of $17,500 for 2022. Interestingly, for the first time since 2019, the planned spending of owners with higher budget renovations (top 10% of spend) increased to $89,000 for 2022 from $73,500, a jump of 21%.

“Homeowners are clearly committed to investing in their homes despite rising product and material costs driven by supply chain disruptions, and are exploring various sources of financing,” said Tony Been, CEO of Houzz. Australia and New Zealand.

Cash from savings remains the largest source of funding for home improvement projects (81%), however, homeowners funding home improvement projects with usable-anywhere credit cards gained three percentage points ( 16%). More than one in ten homeowners financed their renovation projects with cash from a previous sale or refinance in 2021 (13% and 12% respectively).

Application for home professionals

More than four in five homeowners sought professional help with their renovations in 2021 (83%). Homeowners relied the most on the expertise of specialized service providers such as electricians (53%) and plumbers (45%) for their projects. That said, builders (30%) were the most hired professionals in services related to construction and design. Interestingly, tile and stone professionals saw a significant 12% increase in 2021 compared to 2020 (25% and 13%, respectively).

Change interior

Investments in interior rooms remained the priority for seven out of ten renovation owners in 2021 (71%). Kitchens are both the most popular interior room to upgrade and the most expensive room at $30,000. Kitchens saw spending increase by 50% over 2020 ($20,000). Interior rooms that have seen the most dramatic increase in popularity over the previous year include master bathrooms (23%), living/family room (22%) and dining rooms (19%) .

The Houzz & Home survey

The annual Houzz & Home survey is the largest published survey of home renovation, construction and decorating activity. The survey covers a wide range of renovation projects in 2021, from interior renovations and additions to home systems, to exterior improvements and exterior projects. Data collected includes historical and planned spending, professional involvement, motivations and challenges behind construction, renovation and decoration projects, as well as planned activities for 2022. The 2022 study includes nearly 700 respondents in New Zealand, providing insight into the home improvement activity of millions of Houzz site and mobile app users.

The Houzz & Home survey was sent to registered Houzz users and was conducted from March to April 2022.

Houzz has over 25 million photos of professionally designed interiors and exteriors, including completed kitchen and bathroom projects, and over 3 million active home improvement and design professionals , including architects, interior designers, home builders and design-build companies.

© Scoop Media

Share.

Comments are closed.