Inflation Worries? Homeowners Keep Remodeling
A survey found that only 1% of homeowners cancelled a home improvement project this year, as 37% completed a project and 23% plan to start one.
NEW YORK – A new Houzz Inc. study of nearly 4,000 homeowners found that most plan to move forward with home improvement projects. Only 1% said they had canceled a home improvement project this year.
Of those surveyed, 37% completed a project in 2022, and 23% plan to start one within the next 12 months.
Of those planning to begin a home improvement project in the next year, 67% want to stay in their current home rather than purchase another one, and planned changes will help their current home meet their needs.
When homeowners planning a future improvement project were asked about a timeline, 58% said they plan to begin in January 2023 or earlier.
When asked about projects, 37% plan to renovate bathrooms and 33% plan to renovate the kitchen. Of those, 91% plan to hire a professional.
The median cost of planned improvements is about $25,000.
About one in 10 homeowners (11%) would like to start a home improvement project but have decided to put it off. They have a range of reasons including:
- Inflation (54%)
- Unable to afford the project currently (39%)
- Non-urgent project (30%)
- Shortages of products and materials (28%)
- Still searching for the right professional to hire (23%)
Source: Realty Biz News (11/11/2022) Gervis, Allison
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