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Renovate Or Buy? Many Homeowners Are Pondering

Little boy helping daddy renovate the kitchen.

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The past year and a half has been uncharted territory for so many reasons. Most of us have had to make major adjustments in our lives, including being at home full-time. Living and working from home has inspired many to renovate, add more space, or even search for a new home to buy.

If you’re a DIYer and have had to make the adjustment of working from home, you no doubt have thought about how you could change the look and feel of your home. Perhaps even add on a new room or two. There’s many things you could do yourself but perhaps some tasks might require the skill and knowhow from a professional contractor.

How would you decide? If you need to, would you alter your home to fit your new circumstances, or is it time to find a different place to call home?

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Renovate Or Buy A New Home?

Preparing for new drywall installation.

Of course, this isn’t an easy decision to make, especially during the past year and a half. In addition to all of the health challenges that COVID-19 presents, there’s the financial ones as well. Many of us have faced drastic employment issues.

As a DIYer, you’re also very aware of the massive increase in the cost of building materials. I’ve had several projects that I hoped to take on this year, but have had no choice but to put them off until the price of materials goes back down. These same costs have driven the prices up for new homes as well.

“But I’ve got to do something”, you may say. You are definitely not alone.

Informative DEWALT Survey

DEWALT has posted the results of an online survey of over 2,500 homeowners in the United States. Unsurprisingly, the survey finds that the demand for home improvement will stay strong through the end of 2021.

In fact, the survey finds that 72% of homeowners across the United States are planning on or considering a home renovation project in the next six months. 52% of homeowners are considering home renovations as an alternative to buying a new home, given the state of the market.

Many of these projects will require skills of a contractor. In fact, 84% of homeowners are planning on or considering using a professional home contractor for their project.

An Expert Shares Some Tips

DEWALT partnered with professional builder and YouTube star Kyle Stumpenhorst to share his top tips for homeowners on how to find the right contractor and navigate challenges in today’s market:

  • Do the research.
  • Focus on quality over price.
  • Don’t wait for material costs to go down.

See the full article for an insightful look into the current and expected demand of home renovation. Navigate to the very bottom to download a visual graphic that explores the results of the survey.

What Are Your Plans? Renovate Or Buy?

Are you a homeowner? Have you taken on any DIY projects or hired out a contractor to help ease the stress of being at home full-time? Or do you hope to buy a new home? Share your story in the comments below!

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