According to a brand new Houzz survey, more than half are either in the process or are planning to begin one before the end of 2024.
Mitchell Parker 15 hours agoHouzz Editorial Staff. Journalists from the home design industry write about cool interiors, new fashions, breaking news industry analysis, and humor.
In the face of various economic issues, 15 percent of homeowners are putting off a home renovation project plan to complete this year or even 2024. This is according to a Houzz survey conducted in August 2023, which included more than 250 homeowners.
However, more than three-quarters of homeowners surveyed (31 percent) have completed an improvement to their homes this year. About a quarter (25 percent) are working on completing a project. Over a quarter (27 percent) plan to begin projects at 2024’s end. In contrast, less than one percent of projects were canceled this year, while none anticipate withdrawing the project in 2024.
“The demand for home renovations continues, but the industry is not immune to challenges posed by a volatile national economy,” said Marine Sargsyan, Houzz staff economist. “Faced by rising inflation and interest rates, a lot of homeowners are required to reconsider their capacity to make immediate changes. As homeowners decide to stay in their homes that are aging instead of moving and start fresh, they are still turning to experts in the field for assistance in the repair and maintenance projects to increase their living standards.”
Here are other home improvement projects in the most recent Houzz research.
Sheila Mayden Interiors Many Homeowners Prefer Home Renovations to Moving
When asked why they would like to make changes to their current home instead of moving to a house that meets their requirements, homeowners offered several reasons, among them that they want to stay in their home (63 percent), remodeling is cheaper (22 percent) and also provides a higher yield on their investment (21 percent). They have a lower rate for mortgages than what is offered (19 percent).).
Griggs & Co. Homes Inc. Bathroom and Kitchen Remodels Are the Most Popular Planned Projects
For those who are planning to embark on an improvement project for their home this year or shortly, the most crucial home improvement projects for interiors are bathrooms (53 percent) as well as kitchens (39 percent),) followed by renovations to family and living rooms (24 percent) and bedrooms (20 20 percent) along with laundry room (19 percent).
The most popular exterior projects that are being planned this year or in the next one are upgrades to skylights and windows (23 percent) ext, exterior doors (20 percent), and paint for exteriors (18 18%).
Plumbing (21 percent) and electrical (21 percent) upgrade projects are the most sought-after home system projects for this year or shortly and next. They are followed by cooling (16 percent) and home automation (13 percent), along with heating (12 percent).).
In terms of outdoor areas, renovations can involve terraces or patios (46 percent), borders and beds (34 percent) dec, ks (33 percent) law, ns (27 percent), fences (26 percent), lighting (25 25 percent) and driveways (22 percentage) and gazebos or pergolas (21 percent) make up the top five.
In addition, almost half of projects planned to be completed in 2023-2024 have budgets of more than $30,000 (49 percent). One out of five projects (20 percent) is budgeted at $100k or more fabulous.
Shop for home furniture and other items from Mindy Gayer Design Co.Most homeowners employ professionals.
For home improvements, the vast majority (89 percent) of homeowners are planning to employ a professional, for example, an electrician (43%), general contractor (43 percent), electrician (30 percent), and painter (27 percent).
Other professionals who are highly sought-after include carpet and flooring professionals (26 percent), tile, countertop, and stone pros (25 percent), cabinets and cabinetry pros (24 percent), and plumbing professionals (24 percent).
Home Design Trends Happening NowCasa Vilora InteriorsTop Reasons for Postponing Projects
The people who put off a new project (15 percent of those polled) mention budget limitations (46 percent) inf, location (42 percent), and the lack of urgency for projects (38 percent) as the primary reasons.
Other reasons are finding the right pros (19 percent) or tricky timing because of weather or work-related problems (17 percent) and uncertainty in the economy (15 percent).
Find local professionals to assist you with your project Design and Build the Biggest Renovating challenges homeowners face.
For those who have completed their projects this year, most of the challenges were finding the most suitable experts (45 percent), sourcing the right products and materials (34 percent), and staying within budget (28 percent). Other issues that are frequently mentioned include difficulty visualizing the project before the work starting (16 percent), keeping the project on track (15 percent), and receiving timely updates regarding the project (13 percent).
The most challenging issues for the 15 percent of homeowners waiting to complete their project are finding the best pros (50 percent) as well as financing and funding the project (46 percent), keeping the project on budget (25 25 percent), and locating the appropriate materials and products (25 25 percent).