More US Homeowners Choosing Home Improvement Over Moving
Looking to make some major changes in your home? According to a recent survey, you're not alone.
It’s no secret the coronavirus pandemic drastically changed many people’s relationships with their homes. The longer you’re stuck inside, the more glaringly obvious the faults and flaws of your living space can become. And once you get the itch to change things up, there are only two ways to go about it: Pack up and move, or start on some home improvement projects.
In 2020 it seemed like a good chunk of people chose the former, as the housing markets boomed through most of the year. But according to a recent survey from DeWalt, that trend may be shifting. The survey found more than seven out of ten homeowners are planning or considering home improvement projects in the next half of 2021. And 52 percent are planning the projects as an alternative to moving.
And we’re not just talking small, one-weekend-and-you’re-done kinds of projects. The survey shows 64 percent homeowners planning projects costing more than $10,000, with 28 percent expecting that figure to exceed $30,000.
This renovation mini-boom is, of course, great news for the remodeling and renovation business. According to the survey, 84 percent of homeowners are planning on or considering using a professional contractor for their project. Although DIY remains a popular alternative, it’s clear that people are opting to trust licensed professionals. Fifty-two percent of respondents say ensuring their contractor is licensed is a top priority in the selection process.
But if you’re one of those people looking for contractor, be prepared to wait. According to the survey, just over half of the homeowners who reached out to a contractor faced delays of at least three months for their projects to start.
“Many cities across the U.S. are experiencing a home renovation uptick, and as homeowners turn to professionals to complete more advanced projects, the rise in demand is revealing a critical need for more skilled talent,” says Maria Ford, president of commercial construction at Stanley Black & Decker, DeWalt’s parent company.
“This commercial boom across the U.S. demonstrates how imperative it is to expand the skilled trade talent pool, particularly for electrical, plumbing, HVAC, welding and other similar skills.”