15% of Homeowners Are Postponing Home Improvement Projects
But more than half have a project in the works or plan to start one by the end of 2024, according to a new Houzz survey
Faced with various economic challenges, 15% of homeowners have postponed a home improvement project they had planned for this year or in 2024. That’s according to a Houzz survey conducted in August 2023 of more than 2,500 homeowners.
However, nearly a third of homeowners surveyed (31%) have already completed a home improvement project this year. A quarter (25%) are currently in the midst of a project. And more than a quarter (27%) are planning to start a project by the end of 2024. Meanwhile, less than 1% canceled a planned project this year, and none expect to cancel a project planned for 2024.
“The demand for home renovations continues, but the industry is not immune to challenges posed by a volatile national economy,” said Marine Sargsyan, Houzz staff economist. “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.”
Here’s a look at more homeowner renovation activity from the latest Houzz research.
However, nearly a third of homeowners surveyed (31%) have already completed a home improvement project this year. A quarter (25%) are currently in the midst of a project. And more than a quarter (27%) are planning to start a project by the end of 2024. Meanwhile, less than 1% canceled a planned project this year, and none expect to cancel a project planned for 2024.
“The demand for home renovations continues, but the industry is not immune to challenges posed by a volatile national economy,” said Marine Sargsyan, Houzz staff economist. “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.”
Here’s a look at more homeowner renovation activity from the latest Houzz research.
Bathroom and Kitchen Remodels Are the Most Popular Planned Projects
For homeowners planning to start a home improvement project this year or next, the top interior projects are bathrooms (53%) and kitchens (39%), followed by updates to living rooms and family rooms (24%), bedrooms (20%) and laundry rooms (19%).
The top exterior projects among those planning a project this year or next are updates to windows and skylights (23%), exterior doors (20%) and exterior paint (18%).
Plumbing (21%) and electrical (21%) upgrades are the most popular home systems projects planned this year or next, followed by cooling (16%), home automation (13%) and heating (12%).
When it comes to outdoor spaces, upgrades involving patios or terraces (46%), beds and borders (34%), decks (33%), lawns (27%), fences (26%), lighting (25%), driveways (22%), and gazebos or pergolas (21%) top the list.
Meanwhile, nearly half of projects planned for 2023 or 2024 have a budget of $30,000 or more (49%), and 1 in 5 projects (20%) has a budget of $100,000 or more.
The Houzz Pro 3D Floor Planner can help you create detailed 2D floor plans and 3D models of your proposed kitchen design that include cabinetry, appliances, sinks and more, to help clients understand your vision and potentially sign off on it faster.
For homeowners planning to start a home improvement project this year or next, the top interior projects are bathrooms (53%) and kitchens (39%), followed by updates to living rooms and family rooms (24%), bedrooms (20%) and laundry rooms (19%).
The top exterior projects among those planning a project this year or next are updates to windows and skylights (23%), exterior doors (20%) and exterior paint (18%).
Plumbing (21%) and electrical (21%) upgrades are the most popular home systems projects planned this year or next, followed by cooling (16%), home automation (13%) and heating (12%).
When it comes to outdoor spaces, upgrades involving patios or terraces (46%), beds and borders (34%), decks (33%), lawns (27%), fences (26%), lighting (25%), driveways (22%), and gazebos or pergolas (21%) top the list.
Meanwhile, nearly half of projects planned for 2023 or 2024 have a budget of $30,000 or more (49%), and 1 in 5 projects (20%) has a budget of $100,000 or more.
The Houzz Pro 3D Floor Planner can help you create detailed 2D floor plans and 3D models of your proposed kitchen design that include cabinetry, appliances, sinks and more, to help clients understand your vision and potentially sign off on it faster.
Most Homeowners Hire Professionals
To tackle their home improvement projects, the vast majority (89%) of homeowners plan to hire a professional, including a general contractor (43%), electrician (30%) or painter (27%).
Other top hired professionals are carpet and flooring pros (26%); tile, stone and countertop pros (25%); cabinets and cabinetry pros (24%); and plumbers (24%).
7 Popular Home Design Trends Happening Now
To tackle their home improvement projects, the vast majority (89%) of homeowners plan to hire a professional, including a general contractor (43%), electrician (30%) or painter (27%).
Other top hired professionals are carpet and flooring pros (26%); tile, stone and countertop pros (25%); cabinets and cabinetry pros (24%); and plumbers (24%).
7 Popular Home Design Trends Happening Now
Top Reasons for Postponing Projects
Those who are holding off on a project (15% of respondents) say budget constraints (46%), inflation (42%) and a lack of project urgency (38%) are the main factors.
Other reasons include finding the right pro (19%), inconvenient timing due to weather or work-related issues (17%) and economic uncertainty (15%).
Those who are holding off on a project (15% of respondents) say budget constraints (46%), inflation (42%) and a lack of project urgency (38%) are the main factors.
Other reasons include finding the right pro (19%), inconvenient timing due to weather or work-related issues (17%) and economic uncertainty (15%).
Biggest Remodeling Challenges Homeowners Face
Of those homeowners who have completed their projects this year, top challenges included finding the right professionals (45%), sourcing products and materials (34%) and staying on budget (28%). Other commonly cited challenges included trouble visualizing the project before work began (16%), staying on schedule (15%) and getting timely communications about the project (13%).
The top challenges among the 15% of homeowners who are holding off on their project are finding the right pros (50%), funding and financing the project (46%), staying on budget (25%) and finding the right products and materials (25%).
Houzz Pro software helps professionals deliver better customer experiences with visual tools, schedules and transparent communications that address many of these challenges.
Data for this online survey was collected from 2,561 U.S. Houzz users between Aug. 5 and Aug. 17, 2023.
More for Pros on Houzz
Read more stories for pros
Browse millions of photos for inspiration
Learn about Houzz Pro software
Talk with your peers in pro-to-pro discussions
Join the Houzz Trade Program
Of those homeowners who have completed their projects this year, top challenges included finding the right professionals (45%), sourcing products and materials (34%) and staying on budget (28%). Other commonly cited challenges included trouble visualizing the project before work began (16%), staying on schedule (15%) and getting timely communications about the project (13%).
The top challenges among the 15% of homeowners who are holding off on their project are finding the right pros (50%), funding and financing the project (46%), staying on budget (25%) and finding the right products and materials (25%).
Houzz Pro software helps professionals deliver better customer experiences with visual tools, schedules and transparent communications that address many of these challenges.
Data for this online survey was collected from 2,561 U.S. Houzz users between Aug. 5 and Aug. 17, 2023.
More for Pros on Houzz
Read more stories for pros
Browse millions of photos for inspiration
Learn about Houzz Pro software
Talk with your peers in pro-to-pro discussions
Join the Houzz Trade Program
When asked why they want to remodel their existing home rather than move to a home that already fits their needs, homeowners gave multiple responses, including because they simply want to stay in their current home (63%), renovating is more affordable (22%), it’s a better return on investment (21%) and they already have a lower mortgage rate than is available (19%).
You can help clients visualize their planned home with Houzz Pro Mood Boards and 3D Floor Plans. You can also share photos, files, estimates, proposals and more with clients using Houzz Pro.