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Most homeowners want to upgrade their homes, according to a survey.
According to a Chase Home Lending poll, the majority of American homeowners anticipate making renovations to their properties during the coming year to increase their houses’ worth. A little more than 80% of survey participants said they intended to embark on a home repair project, and 60% said they had already finished one. More than 70% of respondents who planned to make improvements to their homes said they wanted to conduct at least some of the work themselves, though they may have used professionals when necessary, according to the survey, “Sweat Equity: A Homeowner’s Most Valuable Resource.”
Additionally, the survey reveals that 60% of homeowners contemplating renovations think they can finish their work within the coming year. For their home renovation projects, nearly 60% of respondents plan to spend up to $10,000, 1 in 5 anticipate spending between $10,000 and $25,000, and 21% plan to spend as least $25,000.
According to Chase Home Lending, the main motivation for homeowners considering home renovation projects is to increase the value of their houses. However, making pleasant places and pursuing DIY interests are also significant drivers. The majority of respondents said social media was their go-to source for project inspiration, and one-third of respondents planned outdoor upgrades to boost the curb appeal of their homes.
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