Amid the coronavirus pandemic, nearly three out of four homeowners are planning renovations this year, a recent survey revealed.
According to a home improvement pulse survey conducted by LightStream through Wakefield Research, nearly two-thirds of homeowners have some parts of their home that they do not like. Another 64 percent of those homeowners have made a video call in their home and were embarrassed to show certain parts of their house, including their kitchen, bathroom, garage, basement, and outdoors.
A little more than a third of respondents (36 percent) feel they lack personal space. Of these respondents, 62 percent are millennials, 44 percent are Gen Xers, and 20 percent are boomers.
Despite the ongoing health crisis, 73 percent of homeowners are planning a renovation project this year. This is slightly lower than the 77 percent recorded in the January 2020 survey. Also, of those homeowners, 57 percent are already continuing or expanding their renovation projects while 23 percent are either cutting back or canceling altogether.
Almost half those, or 49 percent, with home renovation projects planned this year tackle outdoor projects. Following the outdoor projects are home repairs (35 percent), bathrooms (33 percent), and kitchens (32 percent). Moreover, when it comes to upgrading outdoor spaces and installing pools, parents are more inclined to tackle such projects than non-parents: outdoor spaces (54 percent vs. 46 percent), install pools (26 percent vs. 10 percent).
So, how are these homeowners plan to fund their renovation projects? The survey results said that 63 percent of the respondents plan to use their savings, 31 percent will pay using credit cards, and 16 percent will use home equity lines of credit.
Meanwhile, the remodeling industry optimism is riding high according to the data from the Remodeling Market Index for the second quarter of 2020 by the National Association of Home Builders.
According to Tom Ashley, Jr., NAHB Remodelers Chair, many remodelers are even busier now compared to pre-COVID. Most of the projects that homeowners call for include patios, decks, kitchen, bathrooms, and porches. And the remodelers' optimism of a stronger market is represented in their RMI responses.
To track quarterly trends, the survey also asked remodelers to rate market conditions compared to three months earlier: better, about the same, or worse. The index posted a change reading of 66, indicating that the market has improved substantially since Q1.
The results of the Q2 2020 RMI survey revealed a reading of 73, which is a positive remodeler sentiment, said NAHB Chief Economist Robert Dietz, while a change index of 66 shows that business has recovered from the previous quarter's reading of 24. However, rising prices of materials and demanding access to skilled labor represent the challenges on the supply-side
In the second quarter of 2020, all RMI components and subcomponents posted readings that are well above 50. The Current Conditions Index posted an average of 77, while Future Indicators Index showed an average of 70.
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