With the housing market slowly bouncing back in many communities, homeowners are looking to make improvements to their properties. A new CouponCabin.com survey reveals that nearly one-third (32 percent) of U.S. homeowners feel the improving economy is motivating them to make home improvements that they wouldn't have done during the recession. Overall, more than six-in-ten (64 percent) U.S. homeowners report they are at least somewhat likely to make home renovations or improvements like re-tiling a floor, installing new carpet or re-doing a bathroom in the next 12 months. This survey was conducted online within the United States by Harris Interactive on behalf of CouponCabin.com from April 3 to 5, 2013, among 2,232 U.S. adults ages 18 and older, among which 1,389 are homeowners.
Some homeowners are more willing to invest in home projects now because they're feeling more secure financially. Nearly four-in-ten (38 percent) U.S. homeowners feel the improving the economy has made them less nervous to spend money on home renovations.
Seasonality can also be a factor in motivating homeowners to spruce up their abodes. Nearly nine-in-ten (87 percent) feel spring is the ideal time to make home renovations or improvements. Home improvement stores are bound to be busy in the months to come, as 82 percent of those U.S. homeowners who plan to make home renovations or improvements in the next 12 months will shop at a home improvement store such as Home Depot or Lowe's.
"Many homeowners have held off on home improvements over the past few years, but are cautiously making changes as the economy strengthens," said Jackie Warrick, senior savings adviser at CouponCabin.com. "No matter the size of the job, home renovations can be costly. It's important for homeowners to carefully approach projects and choose to do renovations that are most likely to raise the value of their home overall."
Whether it's a simple project like painting or a more complicated one like gutting a bathroom, the price tag for home renovations can be high. When it comes to how much homeowners are going to fork over for home renovations in the next 12 months, the survey reveals the following:
- Less than $1,000 – 26 percent
- $1,000 - $4,999 – 49 percent
- $5,000 – $9,999 – 15 percent
- More than $10,000 – 11 percent
For some homeowners, getting their hands dirty can offset pricey home renovation costs. Nearly six-in-ten (59 percent) U.S. homeowners who are at least somewhat likely to make renovations in the next 12 months plan to do the work themselves. Those who aren't hiring a professional indicate the reasons for doing the work themselves include wanting to save money (68 percent), enjoying home projects (53 percent) and not trusting anyone else to do it (11 percent). Sixteen percent of those who will not be hiring a professional report that they'll have a friend or family member doing the home renovations.