Monday
July 28, 2014

More Home Owners Take on House Projects Themselves

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More Home Owners Take on House Projects Themselves

A new survey shows that the tighter economy has prompted more home owners to tackle do-it-yourself house projects — everything from “plumbing, painting, and home cleaning,” according to a new report from Bank of America. Home owners say they used to hire-out for such projects in the past. 

The survey found that 70 percent of home owners have taken on such improvement jobs to curb housing costs in the last year. The most common DIY house tasks: repairing leaky faucets, fixing loose wiring in a light, as well as doing yard work and gardening. 

"The mass affluent are taking more steps now than we saw just six months ago to improve their finances,” says Alok Prasad, Merrill Edge executive at Bank of America. “We're heartened to see so many in this group making additional strides, like cutting back on unnecessary purchases and taking on more DIY projects, to make those goals a reality. For most, starting the process is the hardest part, and this group has taken that first, crucial step."

Generation Y members, those aged 18 to 34, were the most focused on cutting costs compared to other age groups, according to the survey. Fifty-one percent of that age group said they saved more money over the last year compared to 37 percent of 35- to 50-year-olds. One way they’ve done that is by focusing on more DIY home improvement projects. Eighty-four percent of the GenY age group surveyed said they took on home improvement projects themselves, compared to 77 percent of 35- to 50-year-olds. 

Source: “Taking on Home Projects to Save Money,” The New York Times (May 2, 2012) and Bank of America

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