Craftsman: Homeowners Eye Home Improvement Projects Over Selling

(Image courtesy of Ksenia Chernaya via Pexels.com)

Craftsman, part of Stanley Black & Decker, Towson, Md., released a survey finding that two in three American homeowners intend to make home improvements in the next six to 12 months.

And three in five homeowners say they have worked on a home improvement project themselves in the past year.

This contrasts more than half of homeowners who reported being unwilling to put their homes on the market, given the current mortgage rate environment.

The survey delved into the reasons for the home improvement projects, finding 52% are to create more comfortable living environments, to enhance the aesthetic appeal of their home at 50% and to improve overall home value at 47%.

“We set out to further explore the impact today’s housing climate has on Americans, and found that many homeowners would rather roll up their sleeves to tackle home improvement projects on their current home than give up their coveted low-rate mortgages for a new home,” said Doug Redpath, President, Hand Tools, Accessories & Storage, Stanley Black & Decker.

The most popular areas for home improvement include painting at 51%, bathroom improvements at 44% and kitchen improvements at 41%.

Fifty-four percent of homeowners say their approximate budget for their home improvement project is $5,000; 37% say their budget is more than $10,000.