Orange County and Los Angeles residents spend about a third more on kitchen remodels and nearly twice the national average to redo their bathrooms, according to an analysis by HomeAdvisor, a home servicesmarketplace.

Room additions, meanwhile, can set you back more than double what it costs in the U.S. as a whole, the analysis shows.

HomeAdvisor based the analysis on service requests to the site between July 2016 and July 2017 and costs provided by homeowners.

HomeAdvisor didnt disclose the exact number of projects it reviewed, but said it received 14 million service requests in the past yearand looked at hundreds of thousands of data points throughout Los Angeles and Orange County.

The findings correlate to Southern Californias higher home prices. The median price of an Orange County home the price at the midpoint of all sales was $695,000 in June, tying with May for an all-time high, according to real estate data firm CoreLogic.

Nationwide, home improvement is increasing at nearly 6 percent a year, the Leading Index for Remodeling Activity shows.

With home equity rising, owners are completing larger, discretionary projects, said Brad Hunter, HomeAdvisors chief economist. In 2016, they spent an average of nearly $2,000 more than they did in 2015, he said.

Expected to keep the trend going: Millennials putting money into fixer uppers and aging Baby Boomers making modifications to their homes so they can stay put. And, Hunter said, rising mortgage interest rates likely will create anadditional impetus for home improvement spending.

Heres a tool to help figure out remodeling costs in different places.

See original here:
How much could your home remodeling job cost? More in OC and LA than elsewhere - OCRegister

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August 4, 2017 at 1:56 am by Mr HomeBuilder
Category: Room Remodeling