January 17, 2019

FYIs about DIY

If you're a homeowner you've probably got ideas for home improvements or renovation you'd like to tackle at some point. The Joint Center for Housing studies at Harvard University (JCHS) projects that in 2019, the year-over-year increases in residential remodeling expenditures will reach a decade high of 7.7%. Renovations can be costly, so you may be inclined to complete do-it-yourself (DIY) projects to help reduce your total home expenses.

The popularity of DIY projects continues to grow from home improvement shows, publications, and online sources. In fact, the DIY industry is set to be valued at $340 billion by 2021.

So, how do DIY home projects compare to professional renovations?

The Big Picture:

  • The National Association of Realtors® (NAR) found 53% of consumers who completed a home improvement project hired a professional while 47% did the project themselves.
  • Projects that reflected the homeowner's personality (think: family wall mural) were 2x as popular as a DIY project.
  • 77% of DIY projects were interior projects and 23% were exterior projects.

The DIY Projects:

  • NAR found the most popular DIY projects are closet renovations, hardwood flooring refinishes and a basement conversion to a living space.
  • 81% percent of those who completed a DIY project expressed a major sense of self-accomplishment, compared to 73% of those who hired someone to complete the project.
  • More millennials installed a wireless router (86%) than a running toilet (79.5%).

DIY projects are more achievable than ever. To learn more about maintaining, upgrading and repairing your home visit My Home by Freddie Mac®