The pandemic has prompted many homeowners to take on updates and renovations projects. More than three-quarters of about 1,000 homeowners surveyed this month say they have carried out at least one home improvement project since the start of the COVID-19 outbreak, according to a new survey from Porch.com, a home remodeling website.
What’s more, homeowners have spent a median of $17,140 on improving their homes since the pandemic began, with an average of five improvement projects per household. To fund these household projects, 38% dipped into savings, 23% used credit cards, and 13% used their government stimulus checks.
Outdoor projects have been among the most popular. Sixty-one percent of homeowners reported doing upgrades to their garden, patio, or renovating the structure of the house, the survey shows. Fifty-eight percent also made improvements inside, such as repainting walls, adding new flooring, or renovating a bathroom.
Homeowners don’t appear to be done yet, either. Seventy-eight percent of homeowners say they plan to take on at least one more home improvement project over the next 12 months. Forty-four percent say they want to do more tech improvements in their home, such as installing security cameras, smart lights, or smart doorbells. Thirty-four percent want to add more environmentally friendly upgrades too, such as adding solar panels, starting a compost heap, or installing solar-powered water heating systems.
The most cited reasons for why home improvement is trending—“finally having the time,” the survey showed (25%). But adding value to a home (21%) and making a home feel more comfortable and cozy (21%) also were motivating factors.
Source: “Survey: Home Improvement Trends in Time of Covid,” Porch.com (July 21, 2020)
