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Nov. 17, 2022

Renovation Plans Full Speed Ahead Into 2023

The vast majority of homeowners are moving forward with their home improvement projects, says a study from Houzz Inc. In fact, only one per cent of homeowners say they canceled a home improvement project in 2022. Meanwhile, 37 per cent completed a project in 2022 and nearly one-quarter are planning to start a home improvement project in the next 12 months. Among those planning to start renovations in the next 12 months, 67 per cent want to stay in their current home/lot rather than buy a new home that fits their current needs. More than half of this group will kick off their project in January 2023 or earlier (58 per cent), with top projects including bathrooms (37 per cent) and kitchens (33 per cent). To tackle these substantial projects, 91 per cent plan to hire a professional, including general contractors (46 per cent), electricians (27 per cent), and cabinet makers (25 per cent). The planned median spend on these projects is US$25,000, meaning that half of homeowners plan to spend more than that amount, while the other half has a smaller budget in mind.

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