5/1/2013 - Majority of consumers say now is the time to renovate
After putting off their intentions to refurbish their properties for quite some time, it appears that more Americans are finally acting on their aims to renovate their homes.
According to a recent survey conducted by online remodeling and designing platform Houzz, which fielded responses from more than 100,000 homeowners, more than 53% of respondents said now is a great time to renovate a home to a state that's more in line with today's trends or owners' tastes. That's a stark contrast to what was observed at this time last year, as less than half of participants responded similarly.
What's motivating homeowners to take on these renovation projects may be related to the economy. For example, at 45%, fewer people this year said that they had been delaying updating their properties because of the dour economy. At this time in 2012, 52% of consumers indicated that the country's rough financial shape was preventing them from upgrading their residences.
Homeowners want their bathrooms modernized
As for which parts of the home property owners say could use the most work, bathrooms top the list once again. Roughly one in every three respondents said that they plan on refurbishing their bathrooms, with 23% saying they will remodel or add on to their kitchen within the next two years.
The time, effort and expertise that come with renovation projects have most consumers planning on hiring professional help. Just under 60% of the homeowners surveyed said that they will hire a general contractor and one in every four said that they'll also commission an interior designer.
Once these undertaking are complete, homeowners will want to get in touch with their insurance company. But as the Insurance Information Institute noted, they may be better off informing their homeowner's insurance provider beforehand.
"If you plan to remodel your home, contact your insurance agent, broker or company representative," said Jeanne Salvatore, senior vice president and spokesperson for the III. "You want to be sure that you have all of the necessary insurance coverages during and after the renovation."