Remodel or Sell?

Consumer Reports latest poll on home remodeling reveals that over the next 12 months, 54 percent of homeowners plan a remodeling project, and nearly two-thirds (65 percent) plan to do at least some of the work themselves. The most popular types of work include painting (56 percent), designing (39 percent) and flooring (34 percent).The recent economic downturn has forced 67 percent of homeowners to rethink their plans, with the biggest changes including doing work themselves (42 percent), fixing or sprucing up what they already have (39 percent) and remodeling in phases (36 percent). The biggest reason consumers are cutting back on remodeling is because they simply do not have the money (42 percent).Funding for home remodeling stems from a variety of places, but two out of three homeowners (66 percent) support their projects with their savings. Others plan to cut back on travel and entertainment (29 percent), while one out of five (21 percent) is using a home equity or other loan.Ninety-one percent of homeowners have already gotten their hands dirty with either a repair or remodeling project. But not all repairs or remodeling projects went smoothly for DIY respondents, with over one third (34 percent) having at least one regret stemming from trying to fix a broken appliance, installing tile, floors or cabinets.“Whether homeowners are venturing into a project themselves or plan to hire a professional, you need to lay out a budget, decide what you want most at the end of the project – and decide what you can live without,” says Bob Markovich, senior home editor at Consumer Reports. “The more homeowners know what they’re getting into, the more money they’ll save.” According to the poll, the most popular remodeling projects for homeowners are kitchens (19 percent) and bathrooms (17 percent).