A significant percentage of homeowners are utilizing personal savings for home renovations, often resulting in budget overruns and emotional strain. Approximately 73% of respondents tapped into savings to cover costs, with only 17% turning to credit cards. High material and labor costs were major factors for 37% exceeding budgets. Renovating is seen as necessary for many, particularly since 64% enjoy their current home. However, emotional fatigue is evident, with 85% feeling stress during renovations, and millennials reporting increased levels of strain.
"Roughly 73% of respondents said they used personal savings to cover renovation costs, significantly outpacing those who relied on credit cards and home equity loans."
"More than 85% of homeowners said the process caused stress, while 57% reported experiencing what the report termed renovation fatigue, a form of burnout."
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