HOME RENOVATION BOOM CONTINUES: 2018 is on track to be another solid year for home renovations, with over half of homeowners planning to renovate their home (57%). Renovation activity and spend was strong in 2017, with over 50% of homeowners renovating their homes, at a median spend of $25,000. Repeat homebuyers spend twice the amount of first-time homebuyers.
KITCHENS AND BATHROOMS LEAD ACTIVITIES AND SPEND: Kitchens topped the list of interior remodels for renovation frequency in 2017, with more than a quarter of renovating homeowners tackling kitchens (26%), followed by living/family rooms, bedrooms (other), master bathrooms and laundries (24%, 18%, 18% and 17% respectively). Repeat and first-time homebuyers are more likely to take on kitchen renovations than long-term homeowners (38% and 31%, respectively, versus 24% of long-term homeowners). Kitchens were also the most expensive room to renovate, with a median spend of $20,000 for a large kitchen (more than ten square metres), followed by large master bathrooms (more than five square metres) at a median spend of $13,000.
MORE DELIBERATE PLANNING AND BUDGETING: Over the past two years, homeowners have become more deliberate in planning and budgeting for renovations and were seven percent more likely to set a budget in 2017 than in 2015 (74% and 67%, respectively).
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KITCHENS AND BATHROOMS LEAD ACTIVITIES AND SPEND: Kitchens topped the list of interior remodels for renovation frequency in 2017, with more than a quarter of renovating homeowners tackling kitchens (26%), followed by living/family rooms, bedrooms (other), master bathrooms and laundries (24%, 18%, 18% and 17% respectively). Repeat and first-time homebuyers are more likely to take on kitchen renovations than long-term homeowners (38% and 31%, respectively, versus 24% of long-term homeowners). Kitchens were also the most expensive room to renovate, with a median spend of $20,000 for a large kitchen (more than ten square metres), followed by large master bathrooms (more than five square metres) at a median spend of $13,000.
MORE DELIBERATE PLANNING AND BUDGETING: Over the past two years, homeowners have become more deliberate in planning and budgeting for renovations and were seven percent more likely to set a budget in 2017 than in 2015 (74% and 67%, respectively).
Download the Full Report
Download the Global Report