Homeowners and renters remodel, redesign and restructure their homes for a variety of reasons. The outcome of taking on projects to overall increase happiness has escalated since 2020.
Americans spent $420 billion in 2020 remodeling their homes, 90% found a greater demand in contracting in remodeling work during the COIVD-19 pandemic. 60% cited the scale of projects increased either in a larger project or remodeling more than one room due to the pandemic. While most consumers said they would have remodeled regardless of the pandemic. 86% of consumers report remodeling one area of their home makes them want to remodel other areas of their home.
When consumers remodel, it is to upgrade worn-out surfaces, finishes, and materials to add features and improve livability. Most consumers are pleased with the overall result and 57% would tackle the project the same way. After remodeling, 84% of owners have a greater desire to be in their home, 69% have increased enjoyment in their home, 57% feel happy and 39% feel satisfied when they see their completed project.
Willing to do the remodel yourself? 22% reported they did the entire project themselves, while 28% hired a professional. There are many options when choosing to remodel, interior or exterior while both will help satisfy overall happiness in the home.
National Association of Realtors
