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homeowners renovate and upgrade their forever homes, many are installing new plumbing or electrical systems into old, outdated properties.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.