GOLDEN, Colo., April 6, 2015 /PRNewswire/ -- 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.
"What the report uncovered is that homeowners want a better way
to research home project costs," said HomeAdvisor's CEO
Chris Terrill. "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
HomeAdvisor.com 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 homeowners' 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 HomeAdvisor.com 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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/half-of-home-projects-in-america-left-unfinished-300061013.html
SOURCE HomeAdvisor