Clever Real Estate: Homeowners Spending Significantly on Renovations

(Image courtesy of Clever Real Estate; Breakout image courtesy of Ksenia Chernaya/pexels.com)

Clever Real Estate, St. Louis, recently conducted a survey on home renovation trends, finding 63% of homeowners would prefer to remodel their existing home than move to one that has already been renovated.

In terms of why owners are renovating their homes, 35% reported it was to repair damage and 35% pointed to increasing comfort. Other popular answers included improving the livability of their homes, enhancing its aesthetic appeal, personalizing their home and increasing value.

However, the cost of these renovations are weighing heavily–78% of homeowners report having gone over budget on their last renovation, and 41% report significant delays. A majority–55%–say they need to save for at least a month to pay for a home improvement project, 34% say they’d need to save for at least three months and 20% say they’d need to save for at least six months.

Almost three-quarters–74%–have regrets about their renovation project, but 92% also say their home improvement projects have had at least one positive impact on their life. Concerningly, 63% have taken on debt to pay for their home renovation projects.

And, 87% report facing challenges during their last renovation, including budget constraints at 27%, managing stress at 26% and making decisions at 24%.

Simultaneously, 90% of homeowners say they’ve put off some renovations, with 42% saying they made that choice due to costs.

Some of these renovations aren’t exactly by choice–85% have spent money on unplanned repairs this year and roughly half of homeowners (48%) say they’ve spent more on unplanned repairs than they thought when they purchased their home.

Timing also affects owners’ perceptions of renovations. About 58% agree that the projects took longer than expected.