Owners Remodel to Protect Their Home Investment

In an effort aimed at protecting their investment and enhancing their surroundings, American homeowners have spent an average of $6,600 per household during the past five years on home remodeling, renovation or repair, a recent Better Homes and Gardens consumer panel survey reported.

At the high end of the scale, the survey found that over the same period, 17% of homeowners spent more than $10,000 on remodeling, renovation or repair of their home. The largest portion, 38%, spent between $2,500 and $10,000.

“Part of the satisfaction of homeownership stems from the deep feelings Americans hold toward their home as a focal point for the family,” said Allen Sabbag, president of Better Homes and Gardens Real Estate Service.

“Survey results show that for nearly two-thirds of the panel, a home’s primary importance is to serve as a place to protect and gather the family.”

The survey also found that 25% felt that the home’s primary importance is as an investment and as financial security. And as security, homeowners are prepared to stand by their investment--80% of the panel indicated that neither a rise or fall in market value of more than 10% would be reason for them to lose faith in their housing market.