Survey Reveals 2003 Home Improvement Trends; Fewer Than One-in-Ten Americans Will Buy a New Home, Majority Happy with Neighborhood, Schools and Commute

Kitchen, Landscaping and Room Additions Top Homeowners' Wish List

Despite a strong performance by the housing sector in 2003, a survey being released today shows that fewer than one-in-ten (7%) Americans plan to buy a new home this year. The survey found that although Americans are happy with their neighborhoods (74 percent), schools (54 percent) and enjoy a convenient commute (50%), more than half of homeowners ages 18-54 say the size of their house limits their activities, including inviting weekend guests, entertaining, working from home and having additional children.

The survey also reveals that landscaping, a kitchen renovation and room addition top homeowners' wish lists, at an anticipated cost of,300, ,200 and ,210 respectively. The anticipated cost of a room addition (,210) rose 39.2 percent in 2003; when homeowners were asked the same question in 2002, the anticipated cost for a room addition was ,600. The majority (74 percent) of those who indicated they would like to add a room to their home feels they need to do so to provide adequate living space for their families.

"The home improvement industry continues to grow at a record pace," says Lynda Lyday, a home improvement expert and host of DIY, Do-It-Yourself network. "We're seeing more and more homeowners not only expand the amount of living space or re-do a room to increase the value of their home, and exterior makeovers such as new landscaping are becoming more commonplace."

In a battle of the sexes, the survey found striking differences between men and women. While men and women are equally split when it comes to redoing their kitchen, landscaping or building an addition, a higher percentage of men prefer building a deck or patio while women would prefer redoing a bathroom. Men were found to be significantly more likely than women to complete their home improvement projects without the help of a contractor; and women are significantly more likely to want to use an extra room as a guest room than men (14% vs. 1% of men).

Paying for home improvements depends on the type of project to be completed. Homeowners are significantly more likely to use cash or check for smaller projects like landscaping, while paying for larger projects, such as a room addition or kitchen remodel, is more likely to come from a home equity loan or refinancing.

Not surprisingly, older adult homeowners, ages 55 and up, are less likely than their 18-54 counterparts to make any improvements. When they do, they are significantly more likely to use cash or check to pay for it.

Other Noteworthy Results of the Survey:

-- Nearly one-in-three homeowners say that home prices make it too expensive to move this year.

-- One-in-five homeowners will use a home equity loan to pay for their home improvements.

-- Homeowners between the ages of 18-54 are significantly more likely than those over age 55 to rank building or redoing a deck or patio or adding a room as their first choice of improvements.

-- Just over half (55%) of homeowners who would make a home improvement would do it themselves, without the aid of a contractor.

Related links:

1. Economic times say it may be time to remodel
2. Just Listed
3. Low rates make this a good time to remodel