More than half of Americans think their home improvement project will take longer than planned, according to a survey from Angi. (iStock)
The majority of Americans (52%) believe that home improvement projects will take longer than expected, but many are still confident in their ability to do the projects themselves, according to a survey from Angi.
U.S. home improvement sales are projected to increase to more than $550 billion this year as more Americans choose to do their remodeling projects themselves, according to Statista.
When looking at cost, women were 10% more likely than men to believe that DIY renovations would save money over hiring a professional, the survey said. Separately, about 12% of millennials said they thought renovations wouldn’t break the bank.
The survey also said that 74% of Americans have some confidence in their ability to oversee a home renovation project, but 20% have no idea about permit requirements for common home renovations.
If you are considering doing a home renovation, a cash-out refinance is one option to help you fund the project. You can visit Credible to compare multiple mortgage lenders and find your personalized interest rate without affecting your credit score.
HOME PRICE GROWTH HIT AN ALL-TIME HIGH IN MARCH: THIS IS HOW HOMEOWNERS CAN CASH IN
Gen X believes home renovations add value
Many Americans believe their renovation projects will add value to their home, the Angi survey said.
About 42% of Gen X, or those born between 1965 and 1981, are convinced that home value is added through renovations. This is compared to 31% of millennials and 32% of baby boomers.
Some home updates do seem to pay off, though. For example, a minor bathroom remodel has an average 102% return at resale, according to HGTV. Landscaping has a 100% return on investment (ROI), a minor kitchen remodel gives a 98.5% return and exterior improvements give a 95.5% return. Other projects that pull in a high ROI include a deck, patio or porch addition, converting your attic or a basement remodel, the outlet said.
However, there are many home renovation projects that will not increase a home’s value, such as removing the bathtub in a bathroom, a garage conversion, adding a swimming pool or hot tub and many DIY projects, according to Rocket Mortgage.
Whether you are doing your own home renovations or hiring a professional, pulling cash from your home through a cash-out refinance can help you pay for the projects. Visit Credible to compare multiple mortgage lenders at once and choose the one with the best rate for you.
MILLENNIAL, GEN Z CONSUMERS TURNING TO BNPL SERVICES AS COSTS RISE: SURVEY
Do DIY projects save money?
Many Americans believe that they can save money by doing a project themselves, rather than hiring a contractor, according to Angi’s survey. But the accuracy of that and the average cost for a DIY project depends on several factors.
“The accuracy of this belief largely depends on the person’s DIY skills and knowledge,” Angi stated in its analysis. “While someone who has made home improvement their hobby may be able to handle home renovation projects on their own, many others may overestimate their ability.
“Understanding the scope of your project, the materials and equipment you’ll need, and the permitting needs are just some of the factors to consider before deciding to proceed,” it continued. “In some instances, contacting a remodeling professional in your area may be the best solution.”
If you are looking for ways to fund your home improvement project, you could consider using a cash-out refinance. To see if this is the right option for you, contact Credible to speak to a home loan expert and get all of your questions answered.
Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.