The majority of people who renovate their homes (70%) are more likely to purchase new furniture and accessories, according to the eighth annual Houzz & Home survey from Houzz.
As far as indoor furnishings go, renovators are more likely to purchase rugs, pillows, artwork, lamps, bedroom furniture sets and small furniture, such as accent tables and shelving.
For outdoor renovations, homeowners are more likely to purchase lighting, furniture, fire accessories and pillows.
Millennials and Gen Zers are more likely to redecorate after a renovation compared to Baby Boomers. According to the survey, 83% of Millennials and 85% of Gen Zers purchased new storage solutions or furniture after renovating their homes. Only 65% of Boomers redecorated.
Houzz’s survey also showed that 20% of homeowners hired an architect or a designer to help with the renovations.
A quarter of renovators used the opportunity to incorporate smart home technologies into their living spaces.
Nationally, homeowners spent a median of $10,000 on home renovations in 2019, which was in line with the previous three years. But the number of homeowners investing less than $5,000 on home renovations increased from 16% in 2017 to 19% in 2018.
Half of the largest metropolitan areas of the U.S. saw a decrease in its median spending on renovations. Areas that saw the biggest declines include Boston, Los Angeles, Houston, San Diego, Miami, San Jose, and Seattle.
Half of the homeowners on Houzz plan to either continue or start renovations in 2019. Just 3% are planning to build homes, 35% are planning repairs and 47% are decorating.
As far as financing goes, cash from savings is still the primary way Houzz users are renovating their homes. However, credit card use has jumped, accounting for 37%. Just 15% of survey participants are using secured home loans for their renovations, and 10% are using cash from a previous home sale. Unsecured loans and retirement plan loans account for 2% each.
Among the survey participants, 57% said they were renovating their homes because they finally had the time and/or financial means to do so. However, home damage is becoming an increasingly common reason for repairs, accounting for 16% of homeowners.
Renovators face a number of challenges when carrying out their projects. Among them, the greatest challenge is finding the right service providers. The problem has only gotten worse between 2016 and 2018, jumping from 29% to 32%.
Houzz conducted its online survey between February 13 and April 15 of more than 120,000 registered users who recently renovated their homes.