Did you know May is National Home Improvement Month?
It’s true. The National Association of the Remodeling Industry (NARI) spends the month celebrating the tradition of home improvements that usually take place in the spring.
In celebration of National Home Improvement Month, we’re got five surprising remodeling statistics that might inspire you to start drafting your own plans!
Remodeling Statistic #1 – Large Remodeling Projects Are Trending In 2016
According to a survey conducted by the National Association of Home Builders, large remodeling projects are on the rise this year! Though this trend might surprise you, it doesn’t surprise us. More and more homeowners are investing big in home improvements since they plan to age in place rather than move as they approach their golden years.
– Whole house remodels have increased by 10%
– Finished basements increased by 8%
– Bathroom additions increased by 7%
– Room additions increased by 12%
Which of these projects could you see yourself investing in?
Remodeling Statistic #2 – Kitchen Remodeling Projects Are Slightly More Popular than Bathroom Remodeling Projects in 2016
The National Association of the Remodeling Industry just listed the top five remodeling projects of the year as reported by members. Does it surprise you that kitchen remodels are more popular than bathroom remodels?
It’s true – but only slightly!
These are the top five remodeling projects NARI members say are most popular in 2016:
– Kitchens: 82% list it as a top project
– Bathrooms: 81% list it as a top project
– Additions: 67% list it as a top project
– Basements: 51% list it as a top project
– Exterior Replacements: 50% list it as a top project
Remodeling Statistic #3 – Home Remodeling Is Expected To Keep Rising Thanks to Higher Mortgage Rates
According to Remodeling, plenty of homeowners are seeing remodeling as a good idea right now because mortgage rates are expected to rise. That means selling and buying in the coming years could mean increased costs – so it’s best to invest in your current home to conserve future funds.
Perhaps because of this phenomenon, 2016 is expected to see some of the highest levels in home improvement spending in recent years! The remodeling craze is in full swing!