2 What factors typically motivate people to remodel their homes?
Despite the current hard economic times, D.C. area homeowners are remodeling to please them- selves, not the next owner. When asked what they most want to get out of their makeover project, 90 percent of respondents in the D.C. area said they wanted to improve the look, feel, flow and layout of their homes, while only 54 percent list- ed increasing their home’s value as a top priority. Only 9 percent of area homeowners are renovat- ing to adapt the space for changing lifestyle needs such as a new baby; that’s far below the national average of 16 percent.
D.C. residents are also taking a conservative fiscal approach to projects; when it comes to financing, most are saying “no” to loans—only 31 percent are planning to take out a line of credit. But they aren’t willing to wait to renovate; 57 percent say
they will cut back on vacations, car purchases or other big-ticket items rather than delay a remod- eling project.
3 What Do Kitchen & Bath Renovations Typically Cost?
Our survey revealed that D.C. area homeown- ers spend an average of $32,000 to upgrade their kitchen cabinets, appliances and workspace. Bathrooms are smaller investments, with resi- dents investing an average of $12,250 to remodel everything from plumbing fixtures to tile and lighting. These investments are slightly higher than the national averages of $27,000 for kitch- ens, and $11,300 for bathroom renovations.
Looking at other regions, Midwesterners have the highest average budgets for kitchen and bath remod- els at $30,500 and $13,600 respectively, while the South is allocating the least at $23,800 and $11,600.
Despite the current hard economic times, D.C. area homeowners are remodeling to please themselves, not the next owner.
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