New Yorkers spending big bucks on renovating their homes
You've heard the expression "go big or go home?"
New Yorkers -- who live in the country's biggest renovation market -- go big IN their homes, according to a survey to be released Thursday by ICO, a member association for the construction industry.
It appears that "those choosing to renovate are not holding back on their budget," and prefer to save up and do major remodels as opposed to piecemeal projects, said ICO president Sebastian Donovan: 96% of renovation dollars were spent on big remodels and 38% of all customers opted for a gut Reno or other similarly ambitious transformation, as opposed to a smaller upgrade. Doing everything on the wish list at once is thought to be cheaper as it is more likely to result in bundling discounts, more efficient (approval from the coop or condo board need only be obtained once) and to minimize the number of disruptions involved for the homeowner.
Following are highlights of the ICO's "NYC Home Renovation Spending," survey conducted from May 2011 to May 2012.
* $176 -- average amount per square foot spent on labor alone with rough materials (i.e. Sheetrock), excluding extra costs for special finishes.
* $20,701 -- average amount spent on a bathroom remodel
* 22% -- of all jobs were bathroom renovations alone
* 6% -- of jobs were upgrades to build cabinetry, shelving or closet
* $1,500 -- average spent on expediting services, which obtain appropriate permits, honor building code and zoning requirements and pay required fees.
* 40% -of all dollars that went to electrical, plumbing and HVAC work.
* 41% -- of all dollars spent involved "finishing" -- the installation of flooring, metal and glass, millwork, stone, concrete, painting, plaster and tile.