A majority of U.S. homeowners expect to make improvements on their homes in the next year to build up their home's value, the Chase Home Lending survey finds. Around 80% of respondents to the survey plan to take on a home improvement project and 60% reported completing a project in the last sixth months. The survey, "Sweat Equity: A Homeowner's Most Valuable Resource," finds that more than 70% of respondents planning to improve their home want to do at least some of the work themselves, though may use professionals when necessary.
“More and more homeowners are taking matters into their own hands by doing the work themselves,” Amy Bonitatibus, chief marketing and communications officer for Chase Home Lending, said in a public statement. “While cash is still king, we are seeing an increase in the number of people who are taking advantage of the recent drop in rates and paying for their renovations by tapping into the equity in their home.”
The survey also finds that 60% of homeowners planning renovations believe they can complete their projects within the next year. Nearly 60% of respondents project spending up to $10,000, one in five project spending between $10,000 and $25,000, and 21% anticipate spending at least $25,000 on their home improvement projects.
Adding value to their homes is the top reason homeowners are considering home improvement projects, according to Chase Home Lending, while creating comfortable spaces and feeding DIY hobbies are also strong motivators. One-third of respondents are planning outdoor improvements to improve their home's curb appeal, while the majority of respondents said social media was their go-to source for project inspiration.
The Chase Home Lending survey gathered responses from 1,000 U.S. homeowners between the ages of 18 and 65 during September. Chase partnered with HGTV stars Jonathan and Drew Scott to announce the results of their survey.