Homeowners Prefer DIY Projects Over Moving in High-Interest Rate Environment, A Survey Finds
Are you looking for a new house to move in? or, Trying to fix what’s around the house to live better?
There’s an interesting survey in the same regard.
A survey from CRAFTSMAN (a leading brand of tools and equipment) conducted by Atomik Research Group which does excellent market research and provides analysis and insights to the general public has been published.
It is really fascinating. Let’s explore this research in this blog post.
Overview and Findings
According to the survey, many homeowners in the U.S. are opting to stay put and improve their current homes rather than sell and buy new ones in a high-interest rate housing market.
The survey, conducted by Atomik Research, revealed that 65% of homeowners see home improvement projects as an alternative to buying a new home, given the high-interest rates in the housing sector.
The survey also explored the motivations, preferences, budgets, and challenges of homeowners when it comes to home improvement projects. Some of the key findings include:
- The main reasons for undertaking a home improvement project are to create more comfortable living environments (52%), to enhance the aesthetic appeal of their home (50%), and to improve overall home value (47%).
- The most common projects considered by homeowners are painting (51%), bathroom improvements (44%), and kitchen improvements (41%).
- More than half of homeowners (54%) say their approximate budget for their home improvement project is $5,000 or more, and over a third of homeowners (37%) say their budget is more than $10,000. However, those who have refinanced their mortgage in the past three years have a much higher budget with nearly 2 in 3 (64%) saying their budget is more than $10,000.
- 3 in 5 homeowners (60%) say they have tried to execute a home improvement project themselves in the last 12 months, while 2 in 3 (66%) say they plan to make home improvements in the next six months to a year.
- When it comes to sourcing tools, 64% of homeowners show a tendency to buy the necessary tools rather than borrow. However, more than 2 in 5 homeowners (44%), particularly millennials (63%), admit that they have given up on taking on a project altogether due to a lack of necessary tools7.
To help homeowners tackle their home improvement projects, CRAFTSMAN is offering holiday deals online and at participating stores for tools and equipment.
In addition, CRAFTSMAN is donating up to $100,000 worth of products to four maker spaces throughout the U.S. to provide access to tools and education to homeowners.
The maker spaces will hold various CRAFTSMAN-sponsored workshops throughout 2023-2024 for participants to learn how to accomplish basic to advance home projects such as carpentry, woodworking, general home maintenance, and more.
For more information on CRAFTSMAN and its products, visit [www.craftsman.com].
