Nearly three-quarters of homeowners would choose to make home improvements to their current property over selling.
According to a recent survey from LendingTree, nearly half of homeowners have plans to do improvements before the end of the summer. However, 64% said inflation and supply chain issues are impacting their plans, with 36% delaying their project due to costs and 16% delaying because of supply chain issues. Yet, 36% said their plans haven’t been impacted at all. Millennials (72%) were much more likely than baby boomers (51%) to delay plans.
Interior painting was the most popular to-do item on homebuyers’ lists at 47%, followed by upgrading landscaping at 30% and renovating or updating a bathroom at 27%. Improving fixtures is a project 26% of homebuyers plan to tackle, while 25% each want to either repair or replace flooring or exteriorly paint.
Nearly two-thirds of homeowners (62%) said they are planning improvements to increase their comfort and enjoyment in their home, 37% want to increase their home’s value and 27% would like to increase their home’s functionality.
Seventy-seven percent plan to do at least some of the work themselves, which is not surprising, considering 50% do not want to spend more than $10,000 on their projects. Millennials are more likely than their older counterparts to want to DIY. Even with rising costs and concerns, a majority of homeowners plan to pay for their projects with savings (60%). Nearly one-third plan to use cash or checking account funds and 25% plan to put their home improvement expenses on a credit card. Millennials are more likely to use credit cards, while baby boomers are more apt to use savings.
Topics
Member Discussion
Recent Articles
-
Bucks County Realtors® Teach High School Students About Real Estate
- April 3, 2025
- 2 min. read
“By investing in education and mentoring young minds, we help shape the future of our industry and ensure that the next generation is well-prepared for success,” said BCAR President Frank Blumenthal.
-
Amy Benzinger, GHAR Realtor®, Makes NAR 30 Under 30 Finalists
- April 2, 2025
- 2 min. read
“Real estate means more to me than a career. I am passionate about helping others, building relationships and creating lifelong memories,” Benzinger shares.
-
Marking Fair Housing Month
- April 1, 2025
- 2 min. read
April is National Fair Housing Month. Realtors® play a key role in ensuring that all individuals have equal access to housing opportunities.
Daily Emails
You’ll be the first to know about real estate trends and various legal happenings. Stay up-to-date by subscribing to JustListed.