Seventy percent of survey responders said they underwent a major life change during that time, such as adopting a pet, renovating a home, buying a vehicle, moving or starting a business. Roughly 13 percent said they renovated a home, but didn’t specify if they did it themselves, hired contractors or combined both.
Here were the most popular home improvement projects, according to survey responders:
Kitchen or bathroom remodel
A work-from-home space addition
Roof or siding replacement
Deck or patio addition
Finishing the basement
Being a home insurance agency, much of the focus of Hanover’s study centered around insurance findings. Hanover noted 68 percent of responders “did not know making changes, such as adding pools, trampolines or pets could require changes to their home insurance policies.” Also, 77 percent were “unaware homes above a certain price point may need special insurance coverage.”
Home improvement surged in popularity in 2020 as people were forced to spend more time at home to slow the spread of COVID-19. That extra time encouraged many homeowners to renovate their home themselves or hire professionals to upgrade it for them. Those trends appear likely to continue for the foreseeable future.
The real estate market has seen saw a drastic shift since March 2020, with home prices soaring to record highs. Many homeowners capitalized on increased demand and a shortage of available homes for sale.
A recent survey by DeWalt concluded more U.S. homeowners are choosing home improvement over moving, noting that more than seven out of ten homeowners are planning or considering home improvement projects in the next half of 2021. Sixty-four percent of homeowners surveyed are planning projects costing more than $10,000, with 28 percent expecting that figure to exceed $30,000.
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