One in four underestimates the cost of home renovations

Faced with stiff competition from buyers wanting to own their first home, more and more homeowners are interested in DIY projects to repair or modernize their home instead of trying to find something new.

But home improvement projects take time, money and skills– things that not all homebuyers have on hand before starting any home improvement project, no matter how small.

In recent times, home care projects have been unpredictable due to the cost and limited availability of building materials; in fact, expenses increased to $ 13,140 from $ 9,080 in 2019 due to these factors.

Budgeting is the key to any project and not doing it right can derail even the best-laid plans quickly, so HomeAdviser surveyed 947 people to find out more about their outlook on home improvement projects and how accurately they were able to budget for specific projects.

According to the survey, 65% of Americans find home improvement projects stressful, including 15% who indicated that the thought of such projects was “very stressful.”

HomeAdvisor found that the top six benefits of improving your home were: home function, home value, home comfort, home security, home aesthetics, and consumption. home energy.

“According to respondents to our survey, improving the function of a home and making necessary repairs are the main benefits of home maintenance projects, with 29% of people agreeing,” the report says. . “Behind the completion of necessary repairs, improving home value (25%) and improving home comfort (15%) were the second and third most popular perceived benefits of projects, respectively. home maintenance.

“Interestingly, a Angi survey 2019 also found that the main reason people listed home improvement expenses was to replace or fix a problem, ”the report says. “So maybe, while household spending has increased year over year, people’s motivations have remained stable.”

Going green was something that was not on the minds of most DIY enthusiasts. The survey found that only 8% of homeowners would consider a project based on the energy savings it would generate.

“This could be of concern, given that residential energy use accounts for about 20% of greenhouse gas emissions in the United States and the average household spends $ 250 per year on wasted energy only. Reducing energy use can make a huge difference not only on homeowners’ wallets, but also on the amount of fossil fuels that are burned each day.

“For example, if every American household swapped an incandescent light bulb for an efficient compact fluorescent lamp, it would produce the same reduction in carbon emissions as taking 1.3 million cars off the road.”

But when it comes to estimating popular home improvement costs, more than 25% of people underestimate interior painting costs, 24% seriously underestimate landscaping costs, and 40% underestimate the cost of interior painting. window installation costs.

To view the full report, including estimated costs for typical projects and tips to keep you under budget, click here.

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