Two out of three (66%) say they plan to make home improvements in the next six months to a year, the Craftsman survey showed.
A new survey released from Craftsman found nearly two-thirds of homeowners (65%) see home improvement projects as an alternative to buying a new home, given high interest rates in the housing sector.
“We set out to further explore the impact today’s housing climate has on Americans, and found that many homeowners would rather roll up their sleeves to tackle home improvement projects on their current home than give up their coveted low-rate mortgages for a new home,” said Doug Redpath, president, hand tools, accessories and storage at Stanley Black & Decker.
The Craftsman Home Field Advantage Survey also unveiled a variety of insights that they say are steering home improvement trends this year:
- The reason for the project: The primary reasons for a home improvement project are to create more comfortable living environments (52%), to enhance the aesthetic appeal of their home (50%) and to improve overall home value (47%).
- The most popular areas for improvement: The most commonly considered projects include painting (51%), bathroom improvements (44%) and kitchen improvements (41%).
- The desired budget: More than half of homeowners (54%) surveyed say their approximate budget for their home improvement project is $5,000 or more, and over a third of homeowners (37%) say their budget is more than $10,000. However, those who have refinanced their mortgage in the past three years have a much higher budget with nearly 2 in 3 (64%) saying their approximate budget is more than $10,000.
- The timeline: 3 in 5 homeowners (60%) say they have tried to execute a home improvement project themselves in the last 12 months, while 2 in 3 (66%) say they plan to make home improvements in the next six months to a year.
Also, said Craftsman, understanding 3 in 4 homeowners (76%) say they would consider using a maker space and/or tool library to access tools for future home improvement projects, the tool manufacturer is donating up to $100,000 worth of products to four maker spaces throughout the U.S.
As part of this initiative, said the firm, each organization will hold various Craftsman sponsored workshops throughout 2023-2024 for participants to learn how to accomplish basic to advance home projects such as carpentry, woodworking, general home maintenance and more.
Partnering organizations include the Denver Tool Library, Asheville Tool Library, Station North Tool Library and Open Works, said the company.
