You’re not alone if you’re continuing with your remodeling plans in spite of the economy and possibly limited product and material availability. According to a recent Houzz study of nearly 4,000 homeowners performed in October 2022, the vast majority of homeowners are moving on with their anticipated home improvement projects in spite of inflation, supply chain problems, and other aspects affecting the housing market.
According to the report, only 1% of homeowners have postponed renovation projects so far in 2022, while 37% have finished them. Additionally, 23% of respondents intend to begin a home renovation project in the upcoming 12 months. Since the expense of moving into a home that meets their current needs has become so high, “for many, situations like limited choices of available properties and rising borrowing rates are forcing them toward renovations and improving their present home,” says Marine Sargsyan, Houzz staff economist. Additionally, more than half of the homeowners we polled said they had no plans to sell or move from their current homes in the next 20 years, or ever.
Remodeling Preferred Over Moving
Most homeowners seem happy with their current home and neighborhood, and want to stay put. Among the people planning to renovate in the next three to 12 months, 67% want to stay in their current home and update it rather than buy a new home that would fit their needs. Meanwhile, 38% want to stay in the same neighborhood.
Homeowners also say they want to personalize features (32%) in their current home. And many say they’re choosing to stay because it’s more affordable to remodel than buy a different home (23%), and because remodeling is a better investment (22%).
Popular Projects Homeowners Plan to Tackle
Among the 23% of homeowners who plan to renovate in 2023 or sooner, more than half (58%) will kick off their project in January 2023 or earlier. Nearly one-third of homeowners surveyed already are in the midst of a home improvement project (29%).
The most popular areas being remodeled are bathrooms (37%) and kitchens (33%). To help execute these major overhauls, 91% of homeowners plan to hire at least one professional, including general contractors (46%), electricians (27%) and cabinetmakers (25%).
Updating exterior features and bringing the outdoors in also are top remodeling priorities for homeowners.
Among homeowners currently updating their exterior areas, high on their improvement list are windows or skylights (43%), followed by exterior doors (42%), exterior paint (36%), porches or balconies (32%) and decks (31%).
Updates to systems also are important, given the aging housing stock nationwide. The most common system upgrades for people currently remodeling their homes include electrical (49%), plumbing (48%), heating (34%) and security (34%).
Challenges Homeowners Are Facing
Homeowners usually face challenges and uncertainty while undertaking or even just considering any remodeling project. Among homeowners who completed projects in 2022, many point to supply chain issues for causing problems with obtainingproducts and materials (37%). Other top challenges were finding the right professionals (35%) and staying on budget (27%).
A nominal share of homeowners (less than 1%) canceled a home improvement project in 2022. They cite current economic conditions, including inflation and uncertainty, as well as a lack of resources to fund the project as reasons.
Meanwhile, 11% of homeowners say they would like to start a home improvement project but are holding off for reasons such as inflation (54%), unable to currently afford it (39%), nonurgency (30%), shortages of products and materials (28%) and still searching for the right professional to hire (23%).
Data for this online survey was collected from 3,884 U.S. Houzz users between Oct. 14 and Oct. 19, 2022.
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