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New kitchen? New bathroom? Why the time is now

Now that U.S. homeowners are feeling better about the value of their property, they seem more apt to add to that value. Growth in annual spending on home remodeling is expected to surge from 2.4 percent in the second quarter to 6.8 percent in the second quarter of 2016, according to Harvard's Joint Center for Housing Studies.

"Home improvement spending continues to benefit from the last years' upswing in housing market conditions including new construction, price gains and sales," said Chris Herbert, managing director of the Joint Center. "Strengthening housing market conditions are encouraging owners to invest in more discretionary home improvements, such as kitchen and bath remodeling and room additions, in addition to the necessary replacements of worn components such as roofing and siding."

The projection is bolstered by a surge in...