2018 Home Renovation Report: Homeowner Trends, Spending and Priority Projects

CURRENT ECONOMIC OUTLOOK
Overall, U.S. homeowners are optimistic about the next twelve months. 60% of homeowners take the state of the economy into consideration before making renovation plans, and 61% feel confident the economy is improving. Additionally, 55% of our respondents think home values will increase as well over the next year. While President Trump can be a controversial topic, only 28% report taking the presidential administration into consideration before making home improvement plans.

FUTURE HOME RENOVATION SPENDING
Homeowners look to be encouraged by today’s stronger housing market, and are making investments in their homes. 55% of homeowners plan to conduct at least one renovation over the next twelve months, up from the 38% who have previously performed improvements. 41% of respondents are initiating a home improvement project to improve their quality of living, while 17% are looking to increase the value of their home, but don’t have current plans to sell, and 16% want a “new look”.

Homeowners are also tackling bigger, more expensive projects this year-15% are planning to remodel their kitchen this year, 13% plan to update a bathroom, and 9% are looking to revamp the bedroom. 42% plan to spend between $3,000 and $10,000 on their upcoming renovation, up 6% from last year. A bit of good news for contractors: 61% plan to hire a professional for their upcoming project, compared to 59% who hired a professional for their past project. 49% of respondents plan to pay with cash or savings, 17% will put it on a credit card, 14% will use financing, 10% plan to use a home equity loan, and 8% are counting on their tax return to finance their project.

MILLENNIALS VS. BABY BOOMERS: WHO IS SPENDING ON HOME IMPROVEMENT?
Baby Boomers and millennials have at least one thing in common when it comes to conducting home projects: 61% of both baby boomers and millennials plan to perform at least one improvement over the next twelve months. That may be where the similarities end, however. The majority of millennials (35%) plan to spend between $1,000-$2,999, while 31% of baby boomers will be spending between $5,000-$9,999. Baby boomers will primarily be paying with cash (67%), financing (13%), or taking out a home equity loan (7%). Millennials will also be paying with cash (42%), but 19% plan to use one or more credit card.

Millennials are focused on renovating their kitchen (14%), bathroom (10%), and living room (9%), while 23% of baby boomers will be updating their bathroom, kitchen (19%), or replacing windows (9%). The majority of both age groups will be hiring a professional to do the work, but 39% of millennials plan to conduct the renovation themself, compared to 27% of baby boomers. Millennial respondents get a sense of satisfaction from performing the work themselves (40%), while baby boomers are more focused on keeping the project cost effective (59%). Baby boomer DIY-ers are also very specific about where they purchase their materials, with 85% shopping at building supply stores such as Home Depot, Lowe’s or Menards, hardware stores like Ace Hardware or True Value (8%) or Walmart (8%). Millennials also shop at supply stores (64%), Walmart (14%), and hardware stores (7%), but they frequent warehouse clubs like Costco or Sam’s Club (7%) and high-end specialty stores like Kohler (4%) as well.

WOMEN TAKING CHARGE OF HOME PROJECTS
While home improvement has stereotypically been thought of as a male-dominated industry, women are picking up power tools and narrowing the margins. Of our respondents, 55% of women are planning to conduct a home improvement project over the next twelve months, compared to 57% of men. The majority of men (33%) intend to spend between $5,000 and $9,999, while 29% of women are looking to spend $1,000-$2,999. Cash is king for women funding their project; 54% of women are using cash, whereas men will be using cash (40%) or financing (21%). The genders are focused on improving different areas of the house as well; men will be remodeling the bathroom, while women plan to update the kitchen.

The majority of both sexes-63% of women and 58% of men-intend to hire a professional for their upcoming project. 56% of women feel they do not have the skills or equipment necessary for their planned project, while men value the expertise that comes with hiring a professional (47%). Another dissimilarity between the genders is how they find professionals to hire. Women prefer to ask a friend for a referral (40%), look on a review website such as Yelp.com (18%), or ask a contractor for a referral (17%). Men also ask friends for referrals (30%), but would rather use a search engine like Google.com (24%), or look on Yellowpages.com (21%).

The motivated women who plan to DIY prefer it because it gives them a sense of personal satisfaction (41%), whereas DIY men like that it’s more cost effective (53%). The majority of both men (74%) and women (75%) plan to purchase materials at a building supply store like Menards, Home Depot or Lowe’s, but that’s where the congruity ends. 10% of men intend to shop at Sears or IKEA (6%), while women will head to warehouse clubs like Costco (8%) or Walmart (8%).

THE YEAR AHEAD
The current housing market inventory is very competitive, so it is logical that many homeowners are choosing to invest in remodeling their current home, rather than get into a bidding war. Additionally, with the economy and housing market more stable, homeowners now have more income-and equity-so they’re making renovations to create their dream homes. Our study found that the majority of homeowners are focusing on discretionary projects such as kitchens and bathrooms, which may have been put off after the housing crisis. Judging from our report, it looks like 2018 will be a profitable year for homeowners, contractors, and material suppliers alike.

How Does Our Bathroom Installation Service Work

For many years, Modern Bathrooms has been one of the best bathroom fitters Dubliners have turned to for help. We undertake a wide range of installation jobs in Dublin and beyond so have plenty of knowledge, expertise and experience to share. Whatever plans you have for your bathroom, we approach tasks in a series of clear steps.

Bathroom Fitters in Dublin

Sometimes a complete redesign is not necessary. You just need to carry out some improvements to freshen up your home. Modern Bathrooms are experts in every aspect of renovation. We can also advise you on simple bathroom renovation ideas that will transform your living space.

Whether you’re embarking on a small-scale refurbishment in Dublin or large full-scale total bathroom refurbishment elsewhere, we are here to make upgrading or redesigning a bathroom as easy and enjoyable as possible. The job does not have to be scary. It can, and should, be an exciting time.

Bathroom Renovation Costs

Are you wondering how much it costs to renovate a bathroom? Trying to work out complete bathroom refurbishment costs? Are you asking how much to renovate a small bathroom? Wondering if you have the budget for something bigger? Bathroom refurbishment costs vary widely across the Ireland starting at €6,000 depending on the choices you make. Are you starting from scratch? Do you need any plumbing replaced? What about the fixtures and fittings? Retiling or repainting may be enough. If this is the case, Modern Bathrooms decorating services can help.

As with any home project, there is a lot to consider when planning a complete bathroom renovation from whether the existing layout works to decide if you need a bath. Having a shower alone frees up floor space making it ideal for small bathroom renovations where space is tight.

If you need to keep the redesign or remodel cost down, you may be tempted to compromise or use cheap sanitaryware. This can be counterproductive if you want a room that will look great for a long time. The best way to keep the bathroom refurbishment cost on your Dublin property down and still get the look of your dreams is to seek professional advice.

There are typically lots of trades involved in a refurbishment from plumbers and electricians to tilers. Modern Bathrooms will manage the process for you and ensure different tradespeople come when needed rather than ‘tread on each other’s toes’. This speeds up the process and avoids unnecessary bathroom refurbishment costs. We can also assist in the buying of materials and furniture. Take a look at our recommended suppliers whose entry-level sanitaryware and bathroom furniture will enable you to get quality for less.

See our Dublin case study for an example of bathroom renovation services Dublin clients were delighted with. Visit our project page for more examples of Modern Bathrooms refurbishment projects.

Frequently Asked Questions

We have done countless bathroom installations in Dublin and have a wealth of knowledge and experience. We have collated some FAQS below.

How much do new bathrooms cost?

According to industry sources, average Ireland Bathroom installations cost approximately €6,500. However, this can vary on the detail of the work, the scale of the bathroom and the choice of fixtures and fittings. A new full, modern wet room for example could set you back considerably more than something more traditional. The best move is always to ask us for a quote. We can provide you with all the information you need to make a decision. Your dream bathroom is round the corner.

How long will a bathroom installation take?

On average it takes between one and four weeks to fit a bathroom, depending on how much work needs to be done. Having a Modern Bathrooms Dublin project manager and project plan, means interruptions to your routine will be minimal. We’ll always complete work as quickly as we can.

Do you use your own employees or contractors?

We install bathrooms using our own employees and specialist subcontractors such as plumbers and electricians depending on your requirements. Either way, your project manager and point of contact will always be a member of the Modern Bathrooms Dublin team. It is how we maintain our high standards.

Do you supply bathroom suites and fittings?

No, but we work with numerous suppliers directly and have a preferred supplier list. Let us know your requirements and, through them, we can provide all the purchasing advice and recommendations you need.

Can you remove and dispose of my existing bathroom fittings?

Yes. Modern Bathrooms Dublin can include disposal of your old bathroom components and sanitary ware in any quote and project plan. We are environmentally conscious and act responsibly when it comes to all waste disposal, re-use or recycling.

How do I look after my newly installed bathroom?

Cleaning is obvious but it is important to read your bathroom suite and sanitary wear manufacturer’s guidance to ensure you are using the right products to avoid damage. It pays to consider water and damp associated with bathrooms too. If you’ve chosen natural materials, it is worth also managing sunlight to avoid fading and discolouration. Poorly chosen and installed appliances can also lead to damage and wear. Once you’ve had your dream bathroom installed, keeping in tip-top condition means you can enjoy it for longer.

Why Choose Modern Bathrooms

We specialise in home improvements, extensions, kitchen fitting and bathrooms as well as the associated services of plumbing, electrical and full decoration work.

Our team work closely with architects and designers, either engaged by us or which you may have already engaged. We are happy to follow your design or work with you on a design to fit your budget and taste.

We’d love to hear from you!

For any questions please fill out the quick form on the right to drop us an email and we will be in touch.

* NOTE: Check all other services: Bathroom RenovationsTilingBathroom DesignsBathroom IdeasBathroom SuitesBathroom Furniture and benefit from our discounts. Or just simply contact us for a free quote. Please also have a look at our amazing testimonials and gallery.

Useful links:  National GuildConstruction Industry RegisterPassive House Association.

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