Homeowners Expect to Spend More for Home Improvements
Over 80% of homeowners indicate they expect to invest the same or more in home improvements in 2012 and 2013 then they did in 2011. According to this recent Principia survey of over 1,000 homeowners in North America, homeowners are committed to maintaining the value of their homes and make them more comfortable through modest home improvement projects.
Cautious optimism supports homeowner plans for home improvement projects in 2012. Compared to what they spent in 2011 for home improvements, 38% of homeowners expect to spend "somewhat" or "a lot" more in 2012; 32% expect to spend less or not at all; 30% expect to spend the same as they did in 2011.
In 2011, nearly two thirds of surveyed homeowners completed an average of 1.4 home improvement projects. In 2012 and through 2013, nearly 90% of homeowners surveyed indicate their intention to upgrade their home, and anticipate completing an average of 1.7 projects over that time. The trendline responses for these questions reflect moderate optimism about future repair and remodeling expenditures.
Project focus has shifted somewhat from the "to-do" lists in 2011 what they intend to accomplish or complete in 2012 and 2013. For example, 8% more homeowners expect to improve their flooring or carpeting in 2012 or 2013 than did in 2011. The same measure sees flooring and carpeting up 8% compared to 2011, and exterior painting up 11%.
Outdoor decking will be up the most dramatically, with 75% more homeowners expecting to complete decking and railing renovations in 2012 and 2013 than did in 2011.
Download complete survey here.