Homeowners will spend an average 13 percent more this year on home improvement and maintenance projects than they did in 2007 reports Angie’s List, a popular home-repair referral service.
According to the service’s annual poll, homeowners will spend an average $11,250 on such projects in 2008. Homeowners responding to the survey said they plan to spend 2.9 percent of their home’s value on repairs and renovations this year.
The most frequently cited home repair projects are kitchen and bath updates, areas real estate experts say provide the best return when selling a home. Other popular projects are landscaping and yard work, painting, flooring, doors and windows, and decks and porches.
“Building experts tell us they’re getting calls for work from homeowners who would otherwise move and put their current home on the market, but are afraid they can’t sell it quickly enough to afford the newer, bigger house,” says Angie’s List founder Angie Hicks.