Homeowners are improving their homes more this year, tackling several home improvement projects. Eighty-eight percent of home owners recently surveyed say they performed a significant home repair during the last year, and over half said they managed multiple major repairs or home improvement projects, as outlined by a new analysis by Porch.com, a home improvement website.
Homeowners spent around $4,958 on home repairs and upgrades in the past year, based on the study. But approximately a quarter of more than 1,000 homeowners surveyed said they spent more, averaging $2,501 to $5,000, and 15% of homeowners spent $5,000 to $10,000 on their house repairs. Which projects were the priciest?
Repairing a floor structure topped the list, averaging in excess of $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 (well over $8,000), aluminum decking ($5,600), and air conditioning ($4,400) also ranked among the most costly home improvement projects, as reported by the analysis.
Typical Price of Common Home Repairs
Emergency home repairs are common. Eighty-eight percent of homeowners handled a major repair in 2018, costing on average nearly $5,000, in accordance with the study.
But homeowners believe their improvements be worth it. Homeowners, on average, believed their homes are worth nearly $15,000 more today than a year ago-a 6% increase, according to the study.
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