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Homeowners look to spend more on remodeling projects

Posted on Thursday, October 10, 2013 at 11:07:06 AM

Homeowners are more interested in remodeling and improvements around the house, thanks in part to stronger finances and a better economy.

Overall, factoring in remodeling expenses considered as part of the total home value has been a growing trend across the country since 2007, according to the Fall 2013 Remodeling Sentiment Report, performed jointly by Planese and Remodelormove.com.

More people may be willing to spend larger amounts of home improvement financing funds on renovations, as personal wealth has grown recently. Consumer confidence is on the rise, which makes more homeowners willing to invest in their properties.

"The wealth effect is taking hold; consumers are spending again, which bodes well for the entire home improvement industry," said Dan Fritschen, CEO and co-founder of Planese. "More people are feeling secure enough during this economic environment that they are remodeling. It's no longer the most affluent; we are at the beginning of a multi-year trend."

Home improvement financing could be used for a variety of remodeling costs. The study found that 74 percent plan to bring in a contractor, up from 2010 and 2007 figures.

Fall maintenance is also a must, according to the DIY Network. Homeowners should perform regular cleanings around the house, such as gutter upkeep and roof inspections. Cold weather can damage a home and make repairs more difficult. Therefore, autumn is the perfect time for property owners to make any needed changes or renovations.