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7 in 10 Nashville Homeowners Planning Renovation Project in Next 6 Months
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The majority of Nashville, Tenn., homeowners are planning on or considering a home renovation project in the next six months, according to a recent survey from industrial tools company Dewalt.
The survey finds that the housing market — where there’s short supply and high demand — is why 51% of Nashville homeowners are considering home renovations instead of buying a new home. While the survey data focuses on Nashville, the same situation is playing out across the U.S. amid the coronavirus pandemic.
Read on for more about how the 70% of Nashville homeowners planning to spruce up their home in the next six months will tackle the renovations.
Looking for a contractor? Get ready to play the waiting game
Of the Nashville homeowners who have plans to renovate soon, 78% expect to work with a contractor.
However, all these home renovation projects are keeping contractors busy — not to mention the supply chain shortage for materials such as lumber, steel and copper.
So it comes as no surprise that more than half (52%) of Nashville homeowners who’ve reached out to a contractor will need to wait at least three months.
Finding the right contractor
According to Dewalt’s findings, 56% of respondents say they found their contractor by word of mouth, while 35% found one through an online search.
And in selecting a contractor, nearly two-thirds (66%) prioritize price, while 56% make sure their contractor of choice is licensed.
Research by the Greater Tennessee chapter of the Associated Builders and Contractors (ABC) finds that the Volunteer State needs about 150,000 skilled workers through December 2022 to fulfill demand in the construction industry.
Bathroom remodels top the list of home renovation projects
Nearly 4 in 10 (37%) Nashville homeowners are considering a bathroom remodel, making it the most popular renovation project. It’s followed by:
- Kitchen remodels (33%)
- Porch/patio/deck makeovers (32%)
- Bedroom remodels (19%)
- Landscaping (16%)
As for the type of jobs for which homeowners need contractors, electrical work leads the way at 49%, followed by:
- Plumbing (47%)
- Structural work (37%)
- HVAC, or heating, ventilating and air conditioning (37%)
- Flooring (37%)
Tight housing market helping drive demand for home renovations
Homeowners looking to renovate have options to cover the costs, from personal loans to home equity loans to cash-out refinances.
If you’re one of the lucky ones who can find the right house in this market, getting preapproved for a mortgage can help you determine the loan amount, rates and terms for which you would qualify.
A mortgage preapproval can require a hard credit pull, so it’s helpful to check your credit report for errors that could impact your credit score.
Methodology: Dewalt commissioned Atomik Research to field an online survey of 2,516 U.S. homeowners between May 21-30, 2021. Atomik Research conducted an additional oversampling in Nashville, Tenn.