<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=0muDt0_0w20evQc00" alt="https://img.particlenews.com/image.php?url=0muDt0_0w20evQc00" width="1280" height="640" ></figure>VIP tickets to BAM Mania are sold out! For a limited time, snag one of the remaining general admission tickets at our final discount—Get your tickets here.BAM Key Details: <ul><li>Clever Real Estate’s recent research reveals that 63% of homeowners have gone into debt for renovations, with 78% exceeding their budgets on their last projects. </li><li>Despite the challenges, including regrets and financial struggles, 93% of homeowners plan to pursue major renovations in the future.</li><li>With many opting for DIY projects to save costs, the satisfaction levels vary significantly between those who hire professionals and those who take on renovations themselves.</li></ul>New research from Clever Real Estate shows nearly two-thirds of homeowners have gone into debt for home renovation projects, with 78% going over budget, while four in ten (41%) experienced significant delays. So, it’s not hard to see why nearly three-quarters of homeowners who used credit to fund renovations (73%) have regrets. Yet despite the rising cost of remodeling projects, homeowners are still expected to pour $485 billion (collectively) into renovations in 2024—well over the $363 billion spent in 2020. That’s partly due to a challenging housing market, which has persuaded many homeowners to stay put and invest in changing their current homes to meet their needs. In fact, according to the 1,000 homeowners in Clever’s new survey, nearly two-thirds of them (63%) would rather remodel their home than move to one that has already been renovated. The cost of moving and buying a home definitely plays into that. But homeowners cited a variety of other reasons for choosing to remodel: <ul><li>To repair damage (35%)</li><li>To increase comfort (35%)</li><li>To improve the livability of their home (32%)</li><li>To enhance their home’s aesthetic appeal (32%)</li><li>To personalize their home (31%)</li><li>To increase their home’s value (30%)</li><li>To make the home safer (27%)</li><li>To make the home more energy-efficient (26%)</li><li>To make the home less outdated (26%)</li><li>To add more space (20%)</li><li>To address structural changes (18%)</li><li>To prepare to sell (13%)</li></ul>Renovating a home can be exciting—when it’s not overwhelming or plagued with delays and complications. DIY projects, in particular, give homeowners the excuse to use fun new power tools or, in some cases, a sledgehammer. And if all goes well, the homeowner has some serious bragging rights to include in their grand tour of the end results. “See the new wall-to-wall built-in bookcase with the ladder—and the built-in espresso bar on the adjacent wall? Yeah. I made those.”That could be why 45% of homeowners say they’re more likely to remodel their home not out of need but simply because they want to. Read on for a quick rundown of the highlights from Clever’s research. <h2>Renovation Spending Trends</h2>As mentioned above, Clever’s new survey reveals insights into renovation spending from 1,000 U.S. homeowners. Based on their responses, the report shares the following stats on reno spending trends: <ul><li>63% of the homeowners surveyed have gone into debt to fund a renovation.</li><li>45% have already spent $5,000 or more on renovations in 2024, while 36% have spent $10,000 or more.</li><li>53% plan to spend at least $5,000 on renovations in 2025, and 40% plan to spend $10,000 or more.</li></ul><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=3NFEnv_0w20evQc00" alt="https://img.particlenews.com/image.php?url=3NFEnv_0w20evQc00" width="959" height="1280" ></figure>Source: Clever Real Estate<h2>Challenges, Budget Overruns &amp; Financial Struggles</h2>Given those spending trends, it’s not hard to see how the cost of renovations exceeded homeowner expectations: <ul><li>78% of homeowners went over budget on their last renovation project, with 44% exceeding their budget by at least $5,000 and 35% exceeding it by $10,000 or more.</li><li>33% of homeowners borrowed $10,000 or more for their most recent renovation.</li><li>36% of homeowners struggled to pay their credit card bill after funding their remodel.</li></ul>Also, aside from budget constraints (cited by 27% of surveyed homeowners), roughly 87% of homeowners faced challenges during their most recent home renovation: <ul><li>Managing stress (26%)</li><li>Making decisions (24%)</li><li>Project delays (23%)</li><li>Finding reliable contractors (22%)</li><li>Living in the home during renovations (22%)</li><li>Unexpected problems (21%)</li><li>Staying motivated to finish the project (21%)</li><li>Lack of available materials (17%)</li><li>Poor workmanship (16%)</li><li>Getting necessary permits (15%)</li><li>Getting HOA approval (13%)</li></ul><h2>Regret and Satisfaction</h2>Crushing debt and unforeseen complications both factor into homeowner regrets tied to renovation costs: <ul><li>74% of homeowners who remodeled in the last five years have regrets, with 24% regretting overspending and 22% disappointed by how long the project took.</li><li>Younger homeowners are more likely to regret renovations: 89% of Gen Z and 82% of millennials compared to 51% of boomers.</li><li>47% of homeowners preferred their home before the remodel.</li></ul>Homeowners’ biggest regrets about their renovation projects: <ul><li>“I spent too much money” (24%)</li><li>“It took too long” (22%)</li><li>“I underestimated the disruption to daily life” (18%)</li><li>“I chose the wrong contractor” (15%)</li><li>“Poor workmanship” (15%)</li><li>“I made too many compromises” (15%)</li><li>“I didn’t do enough renovations” (15%)</li><li>“I did too many renovations” (14%)</li><li>“I focused on aesthetics over functionality” (14%)</li><li>“I didn’t do enough research” (14%)</li><li>“I DIYed too much” (14%)</li><li>“I used cheap materials” (13%)</li><li>“I disliked the end product” (11%)</li></ul><h2>DIY vs. Hiring Professionals</h2>More than half of the homeowners surveyed said they would prefer to DIY their home renovations to cut costs. Data from the survey backs them up. <ul><li>52% of homeowners would rather DIY to cut costs and avoid exceeding their budget.</li><li>53% of those who hired contractors went over budget, compared to 42% of DIYers.</li><li>46% of homeowners who hired professionals experienced delays, while only 32% of DIYers faced the same issue.</li><li>Despite the challenges, 76% of homeowners who hired a professional were satisfied with the results, compared to 71% of DIYers.</li></ul>Finally, to wrap this up, here are the top positive ways renovations impacted homeowners: <ul><li>“I enjoy my home more” (40%)</li><li>“I’m more comfortable in my home” (35%)</li><li>“I’m prouder of my home” (32%)</li><li>“It’s improved my quality of life” (30%)</li><li>“I have a greater sense of accomplishment” (29%)</li><li>“I feel safer in my home” (28%)</li><li>“I spend more time in my home” (25%)</li><li>“I’m less stressed in my home” (23%)</li><li>“I’ve saved money on utilities/bills” (22%)</li><li>“I entertain guests more often” (20%)</li><li>“I have fewer maintenance tasks” (19%)</li><li>“I’m less embarrassed of my home” (19%)</li></ul></div></body>

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Remodeling Gone Wrong: What Homeowners Regret Most About Their Projects

VIP tickets to BAM Mania are sold out! For a limited time, snag one of the remaining general admission tickets at our final discount—Get your tickets here. Clever Real Estate’s recent research reveals that 63% of homeowners have gone into debt for renovations, with 78% exceeding their budgets on their last projects.