Almost half of homeowners put off home projects when they don’t have reliable cost information, according to HomeAdvisor’s 2015 True Cost Report*. The report provides insight into how cost influences homeowners’ approach to home projects, as well as the struggles homeowners face in planning and budgeting for projects.
The report, comprised of data submitted to HomeAdvisor’s website and True Cost Guide, as well as results from a recent survey conducted among homeowners, also includes an interactive infographic that compares costs for more than 50 home projects at the local and national levels.
“What the report uncovered is that homeowners want a better way to research home project costs,” said Chris Terrill, HomeAdvisor’s CEO. “More than a third of homeowners don’t know how much it will cost to hire a professional for home projects, and sixty eight percent of homeowners are concerned about overpaying without a reliable source for cost information.”
Highlights of the 2015 True Cost Report include:
- Two-thirds of homeowners are concerned about overpaying for a home project, and more than one third of homeowners don’t know how much it will cost to hire a professional for home projects.
- The majority of homeowners paid for recent projects with available funds as opposed to financing.
- Homeowners plan to spend roughly the same amount on home projects in the upcoming year as in the past year.
- Women are significantly more concerned about overpaying and finding a reliable cost source than men.
- Millennial homeowners, more than any other group, either put off a project when they don’t know how much it will cost or attempt to complete the project on their own.
- When asked to provide estimates for home projects, homeowners have a tendency to estimate that projects cost less than the actual cost.
Project cost trend highlights include:
- Homeowners paid the most for a bathroom remodel in San Francisco, Los Angeles, Memphis and San Diego.
- The average national cost of remodeling a kitchen is $19,935, with most homeowners paying between $10,957 and $30,000.
*http://www.homeadvisor.com/cost/report/
