The pandemic has prompted many homeowners to take on updates and renovations projects. More than three-quarters of about 1,000 homeowners surveyed this month say they have carried out at least one home improvement project since the start of the COVID-19 outbreak, according to a new survey from Porch.com, a home remodeling website.
Homeowners have spent a median of $17,140 on improving their homes since the pandemic began, with an average of five improvement projects per household. To fund these household projects, 38% dipped into savings, 23% used credit cards, and 13% used their government stimulus checks.
Did COVID force some people to make any mandatory upgrades? Some did. Almost a third (31%) noted they were forced to make changes due to the new way of life under COVID. Some 11% said they made changes to allow for working from home, while 7% made changes to help with homeschooling.
Since the start of the pandemic and looking ahead to the next 12 months, homeowners have either already added or are planning to add:
33% – high-speed internet connection
18% – an outdoor pool
17% – a home office
16% – a home gym
A Greater Outdoors
Outdoor projects have been among the most popular. Sixty-one percent of homeowners reported doing upgrades to their garden, patio, or renovating the structure of the house, the survey shows. Fifty-eight percent also made improvements inside, such as repainting walls, adding new flooring, or renovating a bathroom.
Homeowners don’t appear to be done yet, either. Seventy-eight percent of homeowners say they plan to take on at least one more home improvement project over the next 12 months. Forty-four percent say they want to do more tech improvements in their home, such as installing security cameras, smart lights, or smart doorbells.
Thirty-four percent want to add more environmentally friendly upgrades too, such as adding solar panels, starting a compost heap, or installing solar-powered water heating systems.
The most cited reasons for why home improvement is trending—“finally having the time,” the survey showed (25%). But adding value to a home (21%) and making a home feel more comfortable and cozy (21%) also were motivating factors.