Homeowners using cash saved from canceled 2020 plans to improve their houses
The average homeowner has spent $1,500 so far on improvements this year alone, according to new research.
Respondents in a study of 2,000 homeowners estimated it would cost an additional $2,000 to complete every renovation on their wish list.
One in two has spent more on updates than they anticipated this year and 43% have reallocated money from their 2020 plans and put it towards home improvements.
Many Americans have had to put plans for vacations (49%) and milestone parties (33%) on hold, and some have opted to put some of that leftover cash into the place they were already spending so much time ‒ home.
The survey conducted by OnePoll on behalf of Schlage revealed more than half (53%) have done more home improvements while staying home this year due to COVID-19.
Still, respondents have a lot in store for the rest of 2020. The average person plans on completing four projects by year’s end and a lot of those projects will allow them to get the most out of their space during the pandemic.
The average homeowner has created three new multifunctional spaces. Nearly a third (32%) have created a new eating area to give off a restaurant vibe.
Three in ten also got creative and made their own movie theater inside or out, while 30% have gotten physical to make their own home gym space. Twenty-nine percent got to work in a new home office as well.
Many respondents have found small, inexpensive ways to elevate their home’s style. One in two (49%) think a fresh coat of paint can transform a space.
Nearly two in five (38%) appreciate the power of flowers and plants (38%) or stylish door hardware (also 38%) to update the home for less.
So many changes to respondents’ homes have really put things into perspective for them. Seven in ten (69%) love and value their home now more than ever.
Due to all the new home upgrades, four in five people want to protect their homes now more than ever to ensure their home remains safe.
Three in four want their home’s exterior to look stylish and innovative, but that doesn’t mean they do not care about reliable home security. Forty-seven percent think style and security are equally important.
The average homeowner hasn’t updated their door hardware in five years; after evaluating the hard work they have put into their homes 59% think they’re overdue to replace their door hardware.
Sixty-four percent admitted they need to do a better job to ensure their home is protected.
When it comes to what their next set of door hardware might look like, some respondents could be opting for something futuristic such as smart locks.
Seven in ten (68%) want to invest in smart technology in order to protect and advance their home.
ASPECTS OF EXTERIOR THAT HAVEN’T BEEN UPDATED IN TWO YEARS
- Front door 38%
- Paint color 38%
- Door hardware 35%
- Exterior siding 31%
- Roof 30%
- Driveway pavement 29%
- Garage door 27%
- Exterior lighting 25%
- Outdoor seating 24%
- Deck/patio 24%
- Landscape/garden 23%
- Sliding door 22%
NEW PLACES CREATED AT HOME
- Restaurants 32%
- Movie theater 31%
- Gym 30%
- Office 29%
- Bar 22%
- Bank 20%
- Smart home ecosystem 19%
SMALL WAYS TO ELEVATE A HOME
- Fresh paint 49%
- Cleanliness 42%
- Trendy finishes 39%
- Flowers and plants 38%
- Stylish door hardware 38%
- Neutral color palette 30%
- New linens 27%
- Modern lines 26%
- New throw rugs 25%
- New throw pillows 25%
>> Download the video and infographic for this research story <<
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