Homeowners Will Spend A Record Amount On Renovations Next Year

Does something in your home need fixing up? Spending on home renovations and repairs is expected to peak at $327 billion in 2017, according to the Remodling Futures Program at the Joint Center for Housing Studies of Harvard University. Researchers say with incomes rising nationwide, homeowners are focusing on discretionary projects– such as that kitchen remodel they’ve always wanted. Popular projects include interior room revamps and additions of outdoor spaces like decks. Abbe Will, a research analyst with the Joint Center explains, “Homeowners are feeling much more confident. They’re now investing work that could be put off before.” She adds that you shouldn’t expect to earn back 100% of the cost of home repair projects, particularly in today’s competitive housing market. (Time)