Homeowners are sprucing up their homes more this year, tackling several home improvement projects. Eighty-eight percent of homeowners recently surveyed say they performed a major home repair in the last year, and more than half said they managed multiple major repairs or home improvement projects, according to a new analysis by Porch.com, a home improvement website.
Homeowners spent an average of $4,958 on home repairs and improvements in the past year, according to the study. But about a quarter of more than 1,000 homeowners surveyed said they spent more, averaging $2,501 to $5,000, and 15 percent of homeowners spent $5,000 to $10,000 on their house repairs. Which projects were the most expensive?
Repairing a floor structure topped the list, averaging more than $15,000, the study shows.
“Even the most resilient, high-quality floors will need to be replaced eventually, and you may want to start saving now,” Porch.com’s study notes. “While both the square footage and materials will play a factor in the total cost, the overall average made repairing floor structures the most expensive renovations according to the homeowners surveyed.”
Installing a fence (more than $8,000), aluminum decking ($5,600), and air conditioning ($4,400) also ranked among the most costly home improvement projects, according to the analysis.
Emergency home repairs are common. Eighty-eight percent of homeowners dealt with a major repair last year, costing on average nearly $5,000, according to the study.
But homeowners believe their improvements pay off. Homeowners, on average, believed their homes are worth nearly $15,000 more today than a year ago—a 6 percent increase, according to the study.
