San Francisco, CA (1888PressRelease)
February 20, 2008 - San Francisco Area homeowners break with the pack when it comes to remodeling, according to the Fall 2007 Remodelestimates.com Remodeling Sentiment Report, a semiannual survey of 5,000 U.S. homeowners. The report reveals that interest in remodeling remains high, and that cost saving is a growing consideration as U.S. home prices continue to decline.
The most recent survey reveals that remodeling plans are of a similar scope as in previous years, but homeowners now are taking additional steps to reduce costs. According to the survey, however, homeowners in the San Francisco Bay area and Silicon Valley are much more likely than the average homeowner to hire others to do the work on their homes, and also to select expensive materials for their project.
In detail the survey found:
“Do It Yourself” (DIY)
Homeowners who plan to do more than half of the work themselves—UP nationwide from 20 percent in 2006 to 21 percent in 2007. In the San Francisco Bay Area, just 7 percent of surveyed homeowners plan to do more than half of the work themselves.
Homeowners who do not plan to hire a general contractor—UP nationwide from 25 percent in 2005 and 33 percent in 2006 to 36 percent in 2007. In the San Francisco Bay area, just 18 percent do not plan to hire a general contractor.
Homeowners who plan to do some work themselves—UP nationwide from 60 percent in 2005 to 65 percent in 2006, and steady at 64 percent in 2007. In the San Francisco Bay area, only 43 percent plan to do some of the work themselves.
Economizing
Homeowners who plan to use economy materials for their remodeling job—UP nationwide from 8 percent in 2006 to 16 percent in 2007. But in the San Francisco Bay area, only 4 percent describe the materials they will use as economy.
Homeowners who plan to use luxury materials for their remodeling job—
DOWN nationwide from 16 percent in 2006 to 9 percent in 2007, In the San Francisco Bay Area 28 percent want to use expensive materials.
The results indicate that while falling home prices are causing homeowners nationwide to economize on their remodeling plans, economizing is not a priority in the Bay Area because home prices are remaining strong.
The Bay Area homeowners who responded to this survey live in homes with an average value of $827,000, and remodeling plans are estimated to cost an average of $171,000.
Homeowners Plans US Average % Bay Area %
Remodel bathrooms 50 56
Add a bathroom 52 56
Remodel a kitchen 57 60
Add a 2nd story 29 33
Enlarge a living room 13 21
Add a living room 7 5
Enlarge a family room 27 12
Add a family room 16 18
Finish a basement 13 6
Finish an attic 2 5
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