Do Homeowners Trust the Improving Economy and Are They Ready to Invest in Their House Again?

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Despite a poor outlook in the job market, more economic troubles in Europe, and one of the worst housing markets on record, consumers are ready to spend. Homeowners were asked if they had plans for major renovations, minor renovations, home repairs, or had no plans at all.

A swimming pool is considered a real luxury and not a necessity, but homeowners have been looking for a lot of local pool installers this season. The requests are up 36% over the previous year and 25% over the year before. We believe homeowners have been working harder, saving more, and staying on the sidelines. And now they’re ready to reward themselves.

Do homeowners trust the improving economy and are they ready to invest in their house again? Or are they worried about spending money if there might be a “double-dip” drop? While the economists can’t agree on what will happen, homeowners say they are ready to spend again in a new survey out today.

The survey by ConstructionDeal.com, the nation’s fastest growing online service that matches homeowners to contractors and service pros, asked 684 homeowners about their home improvement plans for the rest of 2010.

Despite a poor outlook in the job market, more economic troubles in Europe, and one of the worst housing markets on record, consumers are ready to spend. Homeowners were asked if they had plans for major renovations, minor renovations, home repairs, or had no plans at all.

  • 11% had major renovations planned
  • 29% had minor renovations planned
  • 34% had home repairs planned
  • 26% had no plans to spend money on their home

“The majority of those surveyed said they wanted some work done on their house this year. After sitting on their wallets since late 2008, they want or need to get some projects completed,” said Aaron Rose, VP of Marketing for ConstructionDeal.com.

Cost is still a factor for many. In the survey, the homeowners stated that keeping costs down on any home improvement project was the number one priority (48%.) It was more important than improving home value (27%), introducing low maintenance products and materials (13%), and going “green” (12%). “Homeowners still want to improve their bathrooms and update their kitchens. But because of worries over their job and the economy, they want to keep costs down. Even if that means not getting the granite countertop and those custom cabinets,” added Rose. “They are choosing to re-face their old cabinets and refinish the hardwood floors instead of buying new.”

ConstructionDeal.com also noticed an increase in homeowners wanting to install a swimming pool this year. “A swimming pool is considered a real luxury and not a necessity, but homeowners have been looking for a lot of local pool installers this season. The requests are up 36% over the previous year and 25% over the year before. We believe homeowners have been working harder, saving more, and staying on the sidelines. And now they’re ready to reward themselves.”

And after a long and hot day at work, it appears the country’s homeowners are ready to take the plunge.

About Construction Deal, Inc.

Construction Deal, Inc. and ConstructionDeal.com have been helping homeowners and business owners complete their building, renovation, installation and repair work since 2004. They have a nationwide network of quality contractors and service professionals waiting to provide quotes on these projects. Property owners submit residential or commercial requests at no cost and are matched to 4 local experts, usually within 24 hours. Construction Deal, Inc is the fastest growing contractor referral service in the industry.

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Aaron Rose
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