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’ 2019 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.
In fact, a recent study from the National Association of Realtors® showed that nearly half of all animal owners surveyed (52 percent) undertook home renovations to accommodate their animal. The most popular projects included building a fenced yard (23 percent), adding a dog door (12 percent), and installing laminate flooring (10 percent).
According to the report, homeowners reported a “Joy Score” of 9.9 for projects done themselves (Joy Scores range from 1 and 10, and higher figures indicate greater joy from the project). That is compared to a score of 9.6 for projects completed by professionals. DIYers also expressed a greater sense of accomplishment with a finished project, with 97 percent of respondents indicating a major or minor sense of accomplishment, compared to 93 percent of those who hired a professional.
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.
Anyone taking on remodeling projects should speak to a REALTOR® to get guidance on getting the most bang for the buck on resale. REALTORS® have unique and instrumental insights into which projects and upgrades bring the most value to your home – That’s Who We R®.