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April 8, 2015 6:18 am
If you’ve procrastinated on a project at home, you’re not alone. Nearly half of homeowners have put off home projects due to a lack of reliable cost information, according to HomeAdvisor’s 2015 True Cost Report.
“More than a third of homeowners don’t know how much it will cost to hire a professional for home projects and 68 percent of homeowners are concerned about overpaying without a reliable source for cost information,” explains Chris Terrill, CEO of HomeAdvisor.
In the report, millennial homeowners outpaced every other group, either putting off a project when they don’t know how much it will cost or attempting to complete the project on their own. When asked to provide estimates for home projects, most homeowners have a tendency to estimate less than the actual cost of the project.
The report also highlighted trends in home improvement spending. The majority of homeowners paid for recent projects with available funds as opposed to financing, and homeowners plan to spend roughly the same amount on home projects this year as in the past year.
According to HomeAdvisor, the average national cost of painting a home’s exterior is $2,500, with homeowners spending anywhere from $1,500 to $3,600. The average national cost of remodeling a kitchen is $19,935, with homeowners spending between $10,957 and $30,000.
Published with permission from RISMedia.
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