Saturday, April 11, 2015

Half of Home Projects in America Left Unfinished

HomeAdvisor Releases 2015 True Cost Report
April 6, 2015 (Golden, Colo.) – Almost half of homeowners put off home projects when they don’t have reliable cost information, according to HomeAdvisor’s 2015 True Cost Report*. The report provides insight into how cost influences homeowners’ approach to home projects, as well as the struggles homeowners face in planning and budgeting for projects. The report, comprised of data submitted to HomeAdvisor’s website and True Cost Guide, as well as results from a recent survey* conducted among homeowners, also includes an interactive infographic that compares costs for more than 50 home projects at the local and national level.

Leah Ingram
“What the report uncovered is that homeowners want a better way to research home project costs,” said HomeAdvisor’s personal finance expert, Leah Ingram. “More than a third of homeowners don’t know how much it will cost to hire a professional for home projects and sixty eight percent of homeowners are concerned about overpaying without a reliable source for cost information.”

Highlights of the 2015 True Cost Report include:
  • Two thirds of homeowners are concerned about overpaying for a home project, and more than one third of homeowners don’t know how much it will cost to hire a professional for home projects.
  • The majority of homeowners paid for recent projects with available funds as opposed to financing.
  • Homeowners plan to spend roughly the same amount on home projects in the upcoming year as in the past year.
  • Women are significantly more concerned about overpaying and finding a reliable cost source than men.
  • Millennial homeowners, more than any other group, either put off a project when they don’t know how much it will cost or attempt to complete the project on their own.
  • When asked to provide estimates for home projects, homeowners have a tendency to estimate that projects cost less than the actual cost.
The True Cost Report interactive infographic includes current cost trends for more than 50 popular home projects. Project cost trend highlights include:
  • Homeowners paid the most for a bathroom remodel in San Francisco, Los Angeles, Memphis and San Diego.
  • The average national cost of painting a home exterior is $2,500, with most homeowners spending between $1,500 and $3,600.
  • The average national cost of remodeling a kitchen is $19,935, with most homeowners paying between $10,957 and $30,000.

Click here to see the full 2015 True Cost report.
True Cost Guide gives homeowners guidance on what they can expect to pay for home projects in their local area by providing cost information for more than 350 projects based on  data reported by real homeowners.

About HomeAdvisor is a local services home improvement marketplace providing homeowners the tools and resources for home repair, maintenance, and improvement projects. HomeAdvisor’s patented ProFinder technology matches homeowner’s projects to the nation’s largest network of over 85,000 pre-screened home professionals; Pro Reviews lets homeowners read verified customer reviews of home professionals; Instant Booking allows homeowners to schedule services with background-checked home professionals online, as well as see pricing for jobs prior to booking; True Cost Guide provides the average cost of home projects coast-to-coast based on data from real homeowners; and the interior design app DesignMine provides an inspirational and collaborative platform for remodeling projects. Additionally, the field service management software mHelpDesk helps professionals streamline their business through scheduling, managing, and invoicing tools. Access to all of HomeAdvisor’s resources is free for homeowners, with no membership or fees required. HomeAdvisor is based in Golden, Colo., and is an operating business of IAC (NASDAQ: IACI).

*Data included in the True Cost Report is based on the number of service requests submitted through from March 1, 2014-March 1, 2015; project cost data submitted to True Cost Guide from April 4, 2008- March 1, 2015; and a survey conducted by Hanover Research on behalf of HomeAdvisor. The survey was conducted among 367 homeowners, age 25 or older, from February 2-4, 2015. All survey participants were involved in purchasing decisions related to home maintenance and improvement projects completed in the last 12 months.

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