It seems that a desire to keep up with the Joneses serves as the inspiration for many home improvement projects, according to new research from The Home Depot*.
For this year’s Spring Black Friday, The Home Depot commissioned a survey of 1,000 Americans conducted by Wakefield Research to find out what home improvement projects top the list this spring.
The research also revealed the motivation behind these projects:
- More than half of Americans feel the urge to improve the appearance of their homes when they see their neighbors doing it first.
- From a landscape refresh with new perennials or an herb garden, to a patio overhaul with the latest grill and patio set, there's no inspiration quite like competition.
- Millennials are particularly home-conscious and competitive, with 70 percent admitting to feeling this pressure and nearly 50 percent responding by completing a home improvement project specifically to outshine their neighbor.
- They stay on trend with not only the latest in gardening and décor, but also by staying green (and cutting costs) with smart thermostats.
- Parents tend to one-up their neighbors more than non-parents – whether that's installing a new fence and deck in the backyard or taking their spring cleaning one step further than others in the neighborhood.
- Millennials are more likely than baby boomers to buy new furniture or refresh their décor.
And, when it comes to how people prefer to "one-up" neighbors, most went for curb appeal. Eighty-nine percent who tried to outdo a neighbor's home project did so with a new outdoor project and 62 percent focused on indoor upgrades.
Gardening, yard work and painting take the top spots for outdoor projects that Americans plan to take on this spring. And painting, redecorating, house renovations and replacing flooring round out the roster of top indoor projects.
Home equity financing is a great alternative to paying with a credit card. Equity in your home could help pay for your upgrades with potentially better rates and more terms to fit your needs.
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