Pandemic Inspires - And Helps Finance - Home Renovations

Today, Houzz, the leading platform for home renovation and design, released findings from a recent survey* of its community of homeowners to find out how the coronavirus pandemic impacted their home improvement projects. The survey of more than 3,700 UK homeowners using Houzz, found that three in five respondents were inspired to start a home renovation or design project during the pandemic (68%).

When it comes to financing a project, cash is the preferred method for the majority (68%). Of those that opt for cash, more than a third of homeowners – who had undergone a renovation or are planning a project during the pandemic – report that some or all of those savings are a result of decreased spend in other areas during the pandemic (36%). Reduced holiday costs, entertainment costs and commuting costs were the biggest areas for savings (31%, 27% and 17%, respectively).

Other key findings from the survey include: 

• Hiring remains high: 
  Among those that have completed or are currently in the midst of a project, professional hiring remains high at 76%. More than half of those currently planning a renovation will hire a professional’s help (59%)

• A shift in how homeowners work with professionals:
  Digital tools such as invoicing and payments, visualisation tools and video calls (33%, 16% and 13%, respectively) are helping homeowners to work remotely with professionals. Among those utilising these technology tools, three in five say they feel more comfortable moving their project forward during the pandemic as a result (60%)

• Challenges in the home: 
  More than half of the homeowners experienced challenges in their homes as a result of the pandemic. Insufficient storage for groceries and supplies, lack of a dedicated home office or space to exercise are the most common home frustrations (19%, 17% and 12%, respectively)

Source : Houzz UK

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