first_img Demand Propels Home Prices Upward 2 days ago Share Save DIY projects John Smaby Millennial Homeownership NAR 2019-01-04 Donna Joseph The Best Markets For Residential Property Investors 2 days ago Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] in Daily Dose, Featured, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily January 4, 2019 2,194 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Home / Daily Dose / Trends in Millennial Homeownership About Author: Donna Joseph Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Trends in Millennial Homeownership The Week Ahead: Nearing the Forbearance Exit 2 days ago The need for professionals to help add personality and individuality to homes is gradually waning among millennials, according to NAR (National Association of Realtors). NAR’s 2019 Remodeling Impact Report: DIY  revealed that millennials are more likely to undertake a ‘do it yourself’ (DIY) remodel than hire a professional. Homeowners, especially cash-strapped millennials are the most likely of any generation to take on a DIY project. The results are based off examining the differences between remodeling when hiring a professional compared to homeowners who pursue “do it yourself” projects. It also makes a clear differentiation of projects that were undertaken to benefit the consumers’ homes and those that benefit consumers’ pets. In the report’s “Joy Score”, homeowners who did projects themselves recorded a score of 9.9 compared to a score of 9.6 for projects completed by professionals. They are also said to have expressed a greater sense of accomplishment with a finished project, wherein 97 percent of respondents indicated a major or minor sense of accomplishment, compared to 93 percent of those who hired a professional. Increasing functionality and/or livability of their homes was cited as the primary reason by homeowners for undertaking a project (35 percent for DIYers and 41 percent for those hiring a professional). Increasing the home’s beauty and aesthetics (19 percent and 18 percent, respectively) and adding durable and long lasting materials and appliances (15 percent and 18 percent), were the other reasons stated by respondents. “One of the pleasures of homeownership is the ability to take on projects to customize a house that truly makes it your own. With plenty of owners taking on renovation projects as New Year’s resolutions, this report is a great place to search for projects others have undertaken successfully,” a John Smaby, a second-generation Realtor from Edina, Minnesota, and broker at Edina Realty. Nearly 73 percent of Generation Y and millennial consumers, over 51 percent of Generation X and 50 percent of younger boomers prefer DIY home projects. Seventy percent of the Silent Generation indicated that they hired a professional to complete their project – the highest of any generation, the report indicated. Interestingly, respondents who undertook pet projects recorded complete satisfaction when they hired a professional, 65 percent compared to 61 percent and recording a Joy Score of 9.3. The DIYer’s reported a Joy Score of 9.4. The report found that 56 percent of consumers are more likely to DIY a project for a pet compared to 47 percent for a general home project. Previous: The Appraisal Institute Names New President Next: The Week Ahead: A Closer Look at Mortgage Performance Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: DIY projects John Smaby Millennial Homeownership NAR Subscribelast_img

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