HomeAdvisor’s report shows popular spending trends

HomeAdvisor’s new home spending report provides information about homeowner habits and behaviors related to home improvement spending, home maintenance spending, and home emergency spending.

Mischa Fisher, chief economist at ANGI Homeservices (owned by HomeAdvisor), provides insight into the report.

Homeowners spend more on home improvement than home maintenance.

When taking out a wallet, homeowners are more likely to spend money to improve space, rather than perform maintenance projects. Fisher says, “For every dollar spent on home management, homeowners spend an average of $ 5 on home improvement projects.

In 2018, homeowners spent an average of $ 7,560 on home improvement projects. “We spent an average of $ 1,105 on home maintenance projects and $ 416 on home emergency projects.

Some states spend even more on projects.

Least spent on home improvement

Residents of Massachusetts, Hawaii, Rhode Island and Maryland are among the states that spend the most money on home improvement projects. “West Virginia, Wyoming, New Mexico, South Dakota, and Maine are some of the least expensive states to improve homes,” Fisher said.

Home improvement spending increased 17.5% over 2018. Fisher believes that some of this is due to a rise in consumer wages and a cultural focus on design aesthetics. “The cost of skilled traders is also rising and there are better (but more expensive) home improvement tools,” he says.

Everyone wants a renovated bathroom.

What are homeowners improving?

Rooms are the most popular home improvement choice. “In these renovation projects, bathrooms remain an overwhelmingly popular choice for all generations because of their relatively low cost compared to the kitchen. Many homeowners are incorporating bathroom technology trends for 2019. “Bathroom renovation costs are usually $ 10,352 and most homeowners are between $ 5,957 and $ 14,832.” Small and medium bathrooms range between $ 3,500 and $ 7,000, but master or large bathrooms can cost more than $ 13,000 for remodeling.

In addition to the remodeling room, other popular projects include installing new appliances, replacing the roofs and finishing wooden floors.

Replacing the window can increase energy efficiency.

Motivation for completing the project

Every generation, millennials are likely to complete a housing project to increase the value of resale of their homes. Fischer also says, “Baby boomers and Generation X want to“ modernize ”their homes, but Millennials and Noiseless generations want to improve their aesthetics and design.

If the homeowner pays attention to repairing parts of the house, they will replace or repair the damaged, decaying or defective area. Fisher says he is most likely to focus on projects such as new roofs, new HVAC, new fencing, decking, gutters, window replacement and new siding.

Roof repair is one common emergency housing project.

Emergency housing project

One in five homeowners reported that they had to complete an emergency housing project. Examples of home emergency projects include correcting hail damage on the roof or replacing a broken water heater. Fisher says, “Homeowners in areas prone to extreme weather events spend the most money on emergency projects. Texas, Alabama, Georgia and Louisiana lead the region as a result of tropical storms, thunderstorms, floods and hail.

But you may be surprised to know that you do not need an old house. Fisher, “A 100-year-old homeowner spends an average of $ 370 less on emergency home repairs than a new homeowner.

Millennials are likely to conduct research over the internet.

How Homeowners Investigate Costs

When investigating home improvement costs, there are significant household differences. For example:

Millennials: 77% use the Internet, 64% check the big box shops, 30% contact a previously used contractor
GenX: 74% checkbox, 70% Internet use, 23% contact previously used contractor
Baby Boomers: 60% check big box shops, 58% use the Internet, 35% contact previously used contractors
Noiseless generation: 50% large box shop checks, 32% contact a previously used contractor, 25% Internet use

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