RICHMOND, Va. (WWBT) – 61% of American homeowners have taken on home improvement projects since the beginning of the pandemic. That’s according to a new survey from our partners on the financial website NerdWallet.
Not only are people taking on home improvement projects in record numbers, but they’re spending on average $6,438 dollars per project. The painting was the number one activity– but so was kitchen and bath remodels.
If you’re looking to take on a project, make sure you create a budget and research what others have paid for a similar project.
NerdWallet has a great project estimation calculator– so you can see what others have spent.
You can also check out the home advisor which shows you price ranges for various work by professionals.
And data analyst Elizabeth Renter with NerdWallet says– once you know a price range– add more money to it.
“The last thing you want to do is run out of money mid-project,” Renter said. “So, we recommend adding another 10 to 20% on top of that just to allow for cost overruns and to kind of protect yourself.”
She says whether or not you venture down the home improvement road– should really depend on your job security right now during the pandemic.
And, how long you think you’re going to stay in your home.
That way you are not starting projects you’ll have to “undo” when its time to sell.
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