Perhaps because it is becoming more and more difficult for consumers to find the home of their dreams already built somewhere that they have decided to halt their house hunting ventures and, instead, work with what they have and do their best to create the house of their dreams.
As CNBC reports, a new survey from LightStream (a division of SunTrust Bank) revealed almost two-thirds of homeowners are planning to do some sort of renovation this spring and 40 percent plan to spend $5,000 or more. Another 22 percent say they plan to spend $10,000 minimum. Overall, remodeling spending from October 2015 to September 2016 is expected to reach $154.8 billion, which would be a 7.6 percent year over year increase.
It is interesting to note, though, that not many remodeling projects actually recoup their cost when a home is sold. A kitchen remodel that costs about $60,000 will only make 64.9 percent of that back upon selling.
Prices vary throughout the country; New Jersey has a higher average project cost for remodeling a kitchen than any other state in the country at $44,168. The top third spent $94,000 on kitchen remodels in New Jersey while the bottom third spends $9,000. Meanwhile, Mississippi had the lowest average project cost for a kitchen at $13,714. In New Jersey, 87 percent of kitchen remodelers hired a professional while 76 percent of people in Mississippi hired a professional.
Bathrooms had the highest average project cost in Delaware at $21,120 with the top third spending $45,000. South Dakota had the lowest project cost at $6,155. Fewer people felt the need to hire a professional for their bathrooms as 77 percent of Delawareans hired a professional and just 50 percent of South Dakotans hired one.
New Jersey also had the highest average project cost for siding and patio and landscaping. The Northeast was heavily represented as places like Maine, Connecticut, and Rhode Island are also on the list multiple times for being the states with the highest average cost for a particular project.