Saving money, getting the job done quickly and avoiding permits. These are just a few examples of some of the common goals held by homeowners when talking about home renovations. But with U.S. home improvement sales projected to reach over $550 billion this year, the financial impact of these ideas and the decisions made around them as a result could start to add up.
A new report released this week from Anji surveyed 1,000 people to discover their views on some common home renovation beliefs as well as their knowledge and confidence levels needed to tackle such projects. They also analyzed results to see how men and women and different generations compared in their perceptions.
Key findings
- 52% of Americans firmly believe that home renovations always take more time than planned.
- Women are 10% more likely than men to believe DIY renovations save money over hiring a pro.
- Millennials are 12%–13% more likely to feel that eco-friendly renovations won’t break the bank compared to Generation X and baby boomers.
- 20% of respondents have no idea about permit requirements for common home renovations.
- 74% of Americans have some confidence in their ability to oversee a home renovation.
More insights:
“Over half of our survey respondents believe that home renovation projects are guaranteed to take longer than originally estimated,” writes Kaitlyn Pacheco, content editor at Anji and author of the report. “Fifty-five percent of men and 49% of women surveyed share this belief of never-ending home projects.
“As most homeowners can attest, budgeting time and money for renovation projects is challenging because there is no one-size-fits-all template,” Pacheco adds. “Factors such as the scope of your project, number of workers needed, weather, and unexpected obstacles along the way can all influence the timeline (and the bottom line).”
To view the full report, click here.
