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The HomeAdvisor’s True Cost Survey is one of the most reliable sources of home improvement trends in America – observed between February, 2016 and February, 2017. DryTech Roofing talks about some of the noteworthy takeaways from this latest report:

Key-Takeaways-from-HomeAdvisor’s-2017-True-Cost-Survey

Homeowner Spending Increased by 60

The most eye-popping result from the 2017 survey is the surge in homeowner spending. On average, homeowners spent about $1,850 more on projects, like siding replacement and re-roofing, than the year prior. That’s a 60 jump from 2015 to 2016. The increase in home equity over the past five years and rising home values are driving the surge.

Most Homeowners Feel They Paid a Fair Price

More than 50 of all generations trusted professionals charged them a fair price. The most confident are Great Generation members (86), followed by Baby Boomers (81), Generation X members (64), and Millennials (58).

Interestingly, Boomers and Millennials completed the most projects but for different reasons. The former has the most home improvement dollars to spare with substantial home equity, peak-of-career incomes, and capital stashed in savings and stock portfolios. The latter is motivated to spend a lot to personalize their space, even if it means years of gradual spending to do it.

81 of Homeowners Paid Cash

Be it attic insulation or an insulated vinyl siding upgrade, cash is still king. Eight out of ten homeowners save funds to finance projects. Although most surveyed homeowners paid the old-fashioned way, more than half of non-cash payers either used a credit card or home equity financing to get their projects done.

63 of Homeowners Are Not Going to Spend Less in The Future

Homeowner sentiment toward home improvement isn’t going to change in the near future. About 28 of homeowners plan to spend more on projects, while 35 are willing to spend just about the same amount over the next 12 months.

Exterior Renovations Are All The Rage

Unlike during and after the recession, more and more homeowners were tackling big-ticket projects last year. The healthy, stable real estate market helped convince Americans to focus on long-deferred upgrades, like fiber cement siding replacement. The positive economic outlook influenced discretionary spending significantly.

Do you want to pursue the home projects you’ve always wanted? Stop putting off renovations you desire and start putting your dollars in the improvements that matter now. Call DryTech Roofing today at (240) 491-5600 to talk about your roofing, siding and attic insulation needs in Maryland. We’ll be happy to schedule your FREE, in-home consultation and estimate at your convenience.