Inflation is hammering homeowners who were previously eager to pursue renovations on their residence, according to a new survey from Discover Home Loans. However, a challenging economy is also keeping most of their homeowners from moving out and searching for a new place to live.
In a nationwide survey of 1,500 homeowners, 59% of respondents said they opted to postpone their home improvement projects due to inflation-fueled increased costs, while 26% of respondents said they are pursuing these projects but have cut out part of their plans in order to keep costs down. The survey also found 14% looking into a new or additional loan to finance their renovations, with 11% stating they took out a higher loan than initially planned. However, 26% of respondents said inflation has not affected their home improvement plans.
As for those pursuing renovations, 59% of homeowners said their projects focused on energy efficiency, with nearly half of respondents claiming they were doing so because they are environmentally conscious while 68% admitted they were seeking to save money on their energy or water bill.
Despite the time and money that goes into renovations, 79% of homeowners surveyed said they preferred to renovate their current house rather than move to a new home. The survey also found 42% of respondents stating they are no longer looking to move and 21% saying they are still looking but are less set on buying a new home.