With the rebounding market, homeowners are thinking less about moving and more about renovating.
According to the latest survey from Houzz, with the exception of Millennials, the majority of U.S. homeowners (66 percent) who are remodeling plan to stay in their home for the long term.
More than 135,000 respondents took the third annual Houzz & Home survey.
While homeowners remain cautious about the economy, three quarters of those surveyed (74 percent) said their local housing market has improved, and there was a significant drop in the percentage of homeowners who said funding their renovation project or staying on budget was a challenge this year (19 percent versus 27 percent in 2013).
The topic of landscaping was also addressed in the survey with key findings, including:
- 30 percent of homeowners planning projects in the next two years plan to hire a landscape professional — among the most popular service providers (17 percent landscape contractor; 13 percent landscape architect or landscape designer)
- 22 percent of homeowners completed a patio or landscape addition or renovation in the past five years (making it among the top 5 projects) and spent $13,534 on average, for those who hired a pro
- Those who remodeled the exterior of their home in the past five years were most likely to: add new lawn, plants, trees (64 percent); a new deck or patio (46 percent); grading/leveling/terracing of yard (32 percent); new fencing (29 percent); new structure like a shed, pergola, arbor (24 percent)