Staying put is the name of the game for many homeowners
Published Date 6/20/2024
“If you can’t be with the one you love, love the one you’re with?” According to US News & World Report’s Erika Giovanetti, those 1970 Steven Stills song lyrics are ringing true for today’s homeowners. Why? Because their mortgage rates are too low to give up and their monthly payments are too cheap to trade in.
Truth be told, some homeowners don't want to sacrifice it all and others can't afford to buy another home right now with the current rates and home prices.
“With no choice but to stay put, many Americans are making improvements to the homes they feel ‘stuck’ living in,” says Giovanetti, citing a new survey.
Between May 23 and 30, U.S. News ran a nationwide survey of 1,202 homeowners who have a home improvement project in the works, conducted through PureSpectrum. “We asked homeowners a series of questions about their current renovations, including how they plan on paying for them and why they're deciding to make improvements to their home,” she says.
What the survey found is a whole lotta people improving their current space because they can't afford to move. More than half of homeowners (57%) feel they'll have to live in their current home for longer than previously expected, and 47% are making improvements to their home because they feel stuck. Most (52%) say they bought a starter home that they think might now be their forever home.
Some 49% of homeowners surveyed say they took on projects to make their space better fit their needs or desires. 25% need to make necessary updates and repairs, and 20% are looking to add value to their home. A fairly small amount (7%) are making home improvements to get their property ready to list for sale.
Respondents said they favor small home improvement projects over large-scale remodels with 42% planning light aesthetic projects, such as painting or landscaping. Thirty percent are doing full renovations, such as kitchen or bathroom remodeling, while 28% are doing moderate functional projects, such as replacing windows or flooring.
Lots of DIYers are brushing off the skills they have, but most homeowners will have to borrow money to help pay for their renovations. About two-thirds will use savings to help pay for their home improvement projects, but just 43% will be able to pay using only savings. A third say they’ll use credit cards to help fund their projects, and 15% will take out personal loans. What’s scary is that 18% of homeowners say they have no emergency fund to cover urgent repairs.
“All told, respondents are most commonly making home improvements simply because they want to make their house a better place to live,” says Giovanetti. “Homeowners mention a host of recreational additions, like pools, gardens and patios – even a jungle gym, basketball court and volleyball net.”
Of those tackling projects, 44% are doing all the work by themselves, 35% are doing part of the work by themselves while hiring a contractor to handle some aspects of the project, and 21% are hiring a contractor to do all the work.
Among those who are willing to put in a little sweat equity, money wasn't even the primary reason to go the DIY route, however. More than a third of those who didn't hire a contractor say they have the skills to tackle this type of project, and about a quarter say they just enjoy learning how to do DIY projects.
USNews, TBWS
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