Inflation, a housing recession, and persistent supply chain disruptions aren’t putting a damper on renovation projects across the U.S. In fact, A new Houzz survey found that among 4,000 homeowners polled in October, only 1% had canceled a home improvement project recently, while 37% said that they’ve finished a home renovation project in 2022, Realtor.com reports.
Window and skylight additions were the most popular improvement in recent remodeling projects, followed closely by new doors, paint, porches or balconies, and decks. Also, as homeowners renovate and upgrade their forever homes, many are installing new plumbing or electrical systems into old, outdated properties.
Despite their resolve to renovate, forging ahead takes steely nerves. Homeowners reported supply chain backups and trouble nabbing the right materials and products as the two top challenges they faced equally at 37%. Other woes included finding the right pros to help on the job and staying on budget (both 27%).
Timing is hard to nail, with many folks misjudging how long it takes to plan and start a project. Fact: It takes an average of nine months or more to complete a renovation.
Related Stories
Build to Rent
Father-Daughter Duo Turns Commercial Building Into Affordable Housing
A father-daughter team from Wilmington, Del., worked to rehab a vacated property and make it fit for occupancy, and by June, it will be a residential haven for dozens of new tenants
Remodeling
Remodeling Sector Expected to See Slow but Steady Progress in 2023
Remodeling sentiment inched higher during the first quarter of 2023, but many lingering challenges threaten to delay new and existing projects in the year ahead
Kitchen
Kitchen Upgrades for Would-Be Sellers Opting to Stay in Place
Rather than confronting inflated home prices and elevated mortgage rates in the for-sale market, a growing number of homeowners are choosing to stay put and remodel for increased livability and ROI
