How the Economy is Affecting Homeowners and their Big Plans

According to a survey (the 2008 Remodeling Sentiment Report) conducted by Remodelormove.com this fall, nearly 84% of homeowners in the U.S. say the bad economy and a looming recession is affecting their remodel plans.  As a result, the amount of equity in their home is largely influencing their plans to remodel. 

 

From using economy plumbing supplies to installing their own showers, homeowners are taking home remodel projects into their own hands:

• 34% have chosen not to hire a general contractor for remodels.
• 10% are opting to use economy materials.
• 65% say they will do all home remodel work and projects themselves.

 

So, according to the report, what rooms are homeowners most excited to renovate?

• 55% kitchen remodels
• 49% bathroom addition
• 49% bathroom remodel
• 13% finish a bathroom