A recent survey by Adobe, encompassing data taken from more than 1,000 homeowners across the country reported that nearly 63% of respondents would rather remodel their homes than buy new. This is fueled by high interest rates and skyrocketing home prices.
The remodel process can seem intimidating for homeowners, with Adobe’s study citing price as the number 1 reason for not wanting to pursue a remodel. This is a valid fear for potential clients, especially as 50% of homeowners who have remodeled their homes exceeded their budget.
According to Fox Business, Renovations and remodels are getting less expensive as the year goes on. Annual spending for improvements and repairs are projected to go down throughout the year and into 2025, according to the Leading Indicator of Remodeling Activity (LIRA), released by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University.
“Residential remodeling is expected to benefit from the rebounding housing market and stabilizing material costs as we move into next year,” said Carlos MartÃn, director of the Remodeling Futures Program at the center.
The amount homeowners will spend on renovations is expected to decline by more than 7% by the third quarter of this year. And costs will likely continue to decline slowly into the beginning of 2025.