Rewritten Content:
Recent Survey Reveals Millions of Homeowners Choose DIY Home Improvements Over Selling Up

Craftsman Tools, now a subsidiary of Stanley Black & Decker, have released the results of a customer survey entitled the Home Field Advantage. It revealed that due to the current high-interest rate environment, more Americans are unwilling to put their homes on the market. As a result, two-thirds of homeowners are now planning to make DIY home improvements in the coming months.

What’s Driving DIY Home Improvement?

The Home Field Advantage Survey discovered that 65% of homeowners view home improvement projects as a viable alternative to selling up and buying a new home. Additionally, the survey revealed the primary motivations behind these projects:

• Creating more comfortable living environments (52%)
• Enhancing aesthetic appeal (50%)
• Increasing home value (47%)

What Projects Have People Undertaking?

The research also provided insight into which projects have been the most popular in 2020. Painting was high on the list with 51% choosing it for their home improvement, while 44% opted for bathroom upgrades and 41% chose to improve their kitchen areas.

What Are Homeowners’ Spending?

54% of survey respondents said their estimated budget for their improvement projects was over $5,000, with 37% indicating it was over $10,000. This increased to 64% when considering only those who had refinanced their mortgages in the past three years — with 64% of those saying their budget is in excess of $10,000.

How Quickly Are Changes Happening?

60% of homeowners said they had already undertaken DIY projects in the past 12 months, while 66% planned to do so within the next 6 – 12 months.

Tools of the Trade

Homeowners predominantly opted to buy the required tools for the project rather than borrowing (64%), but there were some persistent hiccups. 44% of people, particularly millennials (63%) stopped working on the project due to a lack of tools, mostly related to cost (50%), a lack of knowledge on what tools were needed (36%), or a fear of not using them often enough (47%).

Doug Redpath, President, Hand Tools, Accessories & Storage, Stanley Black & Decker commented, “We set out to explore the implications of today’s housing market on Americans, and found that many would rather tackle home improvements to their current home than put their current rates at risk. The CRAFTSMAN range is the perfect option to help homeowners make their existing home into their perfect home.”

Click here to view the full Home Field Advantage Survey.