This finding is in line with the U.S. Remodeling Permit Activity Report which shows an increase in the average cost of a remodel in markets with the most expensive homes and a decrease in regions with average and below average priced homes. The sampling of U.S. remodeling permits shows a decrease in planned remodeling spending of almost 15 percent in the first half of 2008 versus the first half of 2007.
"Homeowners who choose to remodel their homes may find this is a good time," says Dan Fritschen, real estate author and principle researcher. "With new home construction at low levels, more materials and labor are available for remodeling than several ago, resulting in shorter project schedules and often lower project costs."
Key findings from the fall 2008 survey include:
- 84 percent report that the possibility of a recession is affecting their remodeling plans.
- 81 percent plan to start their home remodel this year.
Regarding cost saving efforts, homeowners report they are planning:
- Not to hire a general contractor - 34 percent
- To use economy materials - 10 percent
- To do some of the work themselves - 65 percent
Other findings from the fall 2008 report
Homeowners are:
- Excited about remodeling - 48 percent
- Dreading remodeling - 11 percent
Homeowners' plans include:
- Kitchen remodel - 55 percent
- Bathroom addition - 49 percent
- Bathroom remodel - 49 percent
- Addition of one or more bedrooms - 39 percent
- Add a garage - 19 percent
- Finish a basement - 13 percent
