63% of homeowners prefer remodeling their current homes instead of moving, driven by motivations like damage repair, comfort improvement, and enhancing aesthetic appeal.
The substantial market for renovations is lucrative for contractors and builders, with an estimated $450 billion expected to be spent this year on owner-occupied home improvements.
Financial challenges are prominent, with approximately one-fourth of homeowners citing budget constraints as their main challenge, while 80% exceeded their initial renovation budgets.
Taking on debt for renovations is common, with about two-thirds of homeowners borrowing money, indicating financial strain, particularly with high-interest credit cards.
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