Would you be confident in overseeing a home renovation?
Nearly three-quarters of Americans in a recent Angi survey said they are. Baby boomers are the most likely to be confident, followed by Gen X and then millennials. Men are more likely than women to declare themselves confident in regards to home renovating. Despite high confidence levels, 52% of respondents in the survey said that home renovations always take more time than originally planned.
Are there ways to make renovations more affordable? Is DIY the way to go? More women think so. According to the survey, 31% think DIY is always cheaper than hiring a professional, compared to just 21% of men. Making a home more eco-friendly may be less expensive than anticipated too. Millennials are 12% to 13% more likely than their Gen X and baby boomer counterparts to think green renovations aren’t always pricey. A recent NAR study found that half of Realtors® listed or sold homes with energy-efficient features and 63% said that promoting green features is very or somewhat valuable in a listing.
And homeowners aren’t shying away from their return on investment in home renovations. Generation X was most likely to think that every home improvement project adds some value to a home (42%), followed by baby boomers (32%) and millennials (31%).
However, before homeowners get too ahead in dreaming of what their ROI will be, make sure they know what permits they may need. Twenty percent of respondents reported being completely clueless about permit requirements, especially millennials (26%) and Gen X (24%). Thirty percent of men believe most renovations do not need a permit, compared to just 22% of women.