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.