While most homeowners would prefer renovating their current residence over buying another more suited to their needs, an online survey conducted in August 2023 by home decor and design firm Houzz Inc. reveals that one in seven, or about 15%, have put renovation projects on hold.
The more than 2,500 participants in the survey cited budget constraints, inflation and a lack of project urgency as their top reasons for postponement. Still, 31% of poll respondents have completed projects this year, and more than half are in the middle of a project, or plan to start renovations by the end of next year. And less than 1% report having canceled a project.
As Houzz staff economist Marine Sargsyan stated in summation of the survey: “Faced with inflation and rising interest rates, many homeowners have been forced to reevaluate their ability to pursue immediate improvements. That said, as homeowners choose to remain in their aging homes rather than move, they continue to turn to industry professionals for assistance with necessary repairs and discretionary projects that improve their quality of life.”
More than ⅔ of poll respondents are still planning remodeling projects through the end of this year, with a focus on kitchens and bathrooms. And of those, an overwhelming majority, 86%, plan on hiring professionals such as painters, plumbers and electricians/electrical contractors, to complete the work. Roughly half of these projects have planned budgets of over $30,000, and one in five have budgets of $100,000 or more.
Electrical contractors might be needed for adding, updating or moving wiring and circuits, installing electrical appliances, adding/updating lighting fixtures or other projects, depending on the type of project and extent of the renovation work.
Of those who reported finishing projects this year, almost half reported challenges with staying on budget, sourcing materials, and perhaps most importantly, finding the right professional for them. Homeowners also reported having issues with staying on schedule, timely communications with professionals and visualizing projects before their beginning.