Remodelers around the country were asked to rate the reasons they are seeing customers wanting to remodel. The survey was conducted by the National Association of Home Builders’ Remodeling Market Index (RMI). They were asked to rate on a scale of 1=Never/Almost Never to 5=Very Often.
The highest average rating was for the “desire for better/newer amenities” followed by “need to repair/replace old components.”
The NAHB's Eye on Housing blog says there were some differences in ratings since the first RMI was released in 2012:
The average ratings of the reasons for remodeling have been fairly consistent since the NAHB first asked the question in the RMI survey in 2012. However, some differences were observed this year in comparison to prior years.
For example, ‘Desire to be able to age in place’ changed from an average rating of 2.8 in the first quarter of 2012 to an average rating of 3.1 in the first quarter of 2016. Over that same time frame, the average rating for ‘Want to increase value of home as an investment’ increased from a 2.6 to 2.9, and the average rating for ‘Energy efficiency/environmental concerns' decreased from a 2.7 to 2.4.