In times of economic uncertainty, people often turn to their most valuable asset: their home. And something homeowners realize is that they can enhance the value of their home by working on new projects. People have also learned that when they complete the project themselves, they can save a ton of money.
Do-it-yourself projects are booming for several different reasons. Let’s take a look at why so many people are choosing to complete projects by themselves and why the phenomenon won’t be going away any time soon.
The Numbers Say DIY is Booming
There is not just anecdotal evidence that more people than ever are taking on projects themselves; there are also numbers that support this claim. According to a survey from Front Door, 74% of homeowners expect to begin a home project in 2025 or moving forward.
An even more compelling statistic in the survey shows that 98% of homeowners say that they have completed at least one do-it-yourself project in their lifetime. When push comes to shove and people take a chance, they see that they are often capable of some kind of renovation.
Social Media is Driving the Boom
Before websites like YouTube and TikTok existed, the majority of people who completed home projects usually had some kind of special expertise. But social media has made it much easier to figure out how to do renovations. Regardless of the job you’re tackling, multiple step-by-step videos on YouTube can guide you through it.
The same principle applies to Instagram and TikTok. Social media sites also drive these projects by providing inspiration. Some people just need to get ideas and see how easy it is to make a change within their house.
Once People Do One Project, They Are Likely to Do Another One
Saving money by avoiding the need to hire a contractor is one of the primary benefits of undertaking DIY projects yourself, but it is not the only one. There is a special feeling of pride that comes with taking action to improve your environment. And people enjoy that sense of pride.
Completing a project gives you confidence and shows that the next time something needs to be fixed in your home, you can do it yourself. For many people, one new project at home will soon snowball into several more.
People Got the Hang of Home Renovations During COVID-19
This will not be the first time during the decade that people have become interested in home renovations. When the world was shut down in the early 20s, people were looking for something to do during their time at home. Many of these individuals chose to undertake projects.
As people sheltered in place, they looked around their surroundings and decided to do something with all of their newfound free time. There was a home renovation boom during the pandemic, and many people gained experience and confidence in performing their projects.
Things Are Different This Time Around
There are several significant advantages for individuals considering a home project now, rather than during the COVID-19 pandemic. The most obvious one is that the world is not closed down, and people are free to come and go as they please, with no restrictions or worries about getting sick.
During the COVID-19 pandemic, people would often visit hardware and big-box stores to find shelves empty. There were shortages of most appliances and lumber as well. Home renovators should be able to obtain the materials they need, although they may need to act quickly.
Donald Trump’s Tariffs Could Make the Situation Difficult Again
In April, U.S. President Donald Trump announced that he would impose tariffs on the vast majority of countries with which the United States does business. While he placed those tariffs on a temporary hold, the spectre of the tariffs has interrupted both the global markets and the supply chain.
People who want to complete a home project that requires materials like lumber need to be aware that prices could be increasing due to tariffs. People should be planning their projects based on how tariffs could affect them.
You Can Rent Your Way to a More Valuable Home
Sometimes people won’t take on a home improvement project because they don’t feel like they have the right equipment. These people often find that if they do a little research, they can find the kind of equipment they need. There are various projects that can be completed over the weekend with a rental piece of equipment from the local hardware store.
This can come in the form of a rototiller, allowing you to grow more grass on your lawn. Or it could be a power washer, which can clean all the grime and dirt off your walkway and your home. Or it can be as simple as picking up a steam cleaner, which can make your carpeting look like new.
Manufacturers Are Helping to Drive the Boom
Part of what gives people the confidence to complete projects at home is the support of manufacturers who provide the raw materials. Savvy manufacturers have taken note of the increase in home projects and offer support through their websites and over the phone.
This is especially true when the people doing the renovation are either Millennials or from Generation Z. Young homeowners are more inclined to research their home and the products they use, and are also more likely to contact manufacturers directly.
A Potential Recession Could Push Even More People to Try DIY
There is a risk that Donald Trump’s tariff plans could lead to the United States entering a recession. That could mean that fewer people will be able to afford hiring a contractor to complete a renovation. And that also means that more people might take a chance at doing it themselves.
The good news for these people is that they can do things that they don’t know that they are capable of yet. And that is a big part of why DIY has become so popular. It offers a sense of accomplishment, along with big savings.