Remodeling outlook brightens
HTT Staff -- Home Textiles Today, 2/13/2013 12:03:15 PM
Sunnyvale, Calif. - The RemodelOrMove.com Spring 2013 US Remodeling Sentiment Report found improved attitudes about home remodeling and hirer planned spending - a signal consumers are ready to turn more attention to their homes.
The survey found 58% of homeowners said the economy is having a minimal effect on their plans for remodeling, up from the low of 33% who felt that way in the middle of the recession.
The average estimated cost for planned remodels has reached $114,000 to remodel or add on an average of 3.6 rooms, which is up from $80,000 and 2.6 rooms at the depths of the recession.
Kitchen remodels and bathroom remodels tie for the most popular projects, and 57% of homeowners cited those two rooms as part of their remodeling plans.
"The wealth effect is helping to fuel the recovery in home remodeling as homeowners taking this survey report an average home equity of $130,000 - the highest since 2009," RemodelOrMove.com announced.
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