Homeowners looking to add personality and individuality to their home are more likely to undertake a do it yourself remodel than hire a professional, according to the National Association of Realtors®’ 2022 Remodeling Impact Report: DIY. The report also shows that cash-strapped millennials are the most likely of any generation to take on a DIY project.
The report examines the differences between remodeling when hiring a professional compared to homeowners who pursue “do it yourself” projects. The report also differentiates between projects that were undertaken to benefit the homes of consumers and those that benefit consumers’ pets.
Painting a home’s interior, adding a home office, installing hardwood flooring and closet renovations all received a perfect “Joy Score” in new NAR/NARI joint study.
Eighty-three percent of consumers say they would have remodeled their home, regardless of the COVID-19 pandemic.
The highest percentage cost recovered from a remodel job was from refinishing hardwood floors – 147%.
Respondents indicated that the number one reason for undertaking a project was to increase functionality and/or livability of their home (35 percent for DIYers and 41 percent for those hiring a professional). That is followed by increasing the home’s beauty and aesthetics (19 percent and 18 percent, respectively) and adding durable and long lasting materials and appliances (15 percent and 18 percent). Projects which were designed to add personality to a home were twice as popular among DIYers than among those hiring a professional (10 percent and 5 percent).
Nearly three-fourths of Generation Y and Millennial consumers (73 percent,) over half of Generation X (51 percent) and 50 percent of Younger Boomers choose to DIY home projects. Seventy percent of the Silent Generation indicated that they hired a professional to complete their project – the highest of any generation.
When it comes to projects undertaken for the benefit of the consumer’s pet, marginally more respondents indicated complete satisfaction when they hired a professional, 65 percent compared to 61 percent. However, consumers are more likely to DIY a project for a pet (56 percent) than a general home project (47 percent).
Respondents who hired a professional to complete a remodeling project for their pet indicated a Joy Score of 9.3, while DIYer’s reported a Joy Score of 9.4. The most popular animal-driven renovations were fence and laminate floor installation, along with the additions of dog doors, with fences earning the highest Joy Score (9.4 for professional, 9.5 for D.I.Y.).