Highs and Lows of DIY: Homeowners Save Money with DIY Projects, but Tension Often Arises
The Coinstar® Do It Yourself (DIY) Home Improvement Survey, conducted among U.S. homeowners, was released today and reports that the majority (65%) plan a home improvement project to save money, and nearly three in five respondents believe it will increase the value of their home. Most DIYers (70%) will create a budget and use cash on hand to pay for projects, yet 30% say they’ve left a project incomplete because they ran out of money. Other Coinstar DIY survey results reveal motivations for performing DIY projects, learning preferences, spending targets, and potential friction when teaming with members of the household.
“The Coinstar DIY Survey provides insights into why homeowners are initiating home improvement projects and how they plan to budget and pay for these do-it yourself endeavors,” said Sandi Stoller, director of brand strategy and marketing at Coinstar. “It’s encouraging to see that the majority of homeowners plan to create a budget for their DIY projects. Tapping into the family coin jar is a consideration for nearly half of respondents to help offset project expenses, and experience tells us most people have more money in their jar than they think.”
Homeowners see home as an extension of their personality
Projects homeowners plan to take on range from painting a room to a major remodel of a bath or kitchen. Regardless of the type and magnitude of the project, nearly nine out of ten homeowners agree that they feel a sense of pride when completing a DIY activity, and three in four see their home as an extension of their personality. Further, nearly half said fulfillment in doing it themselves was the main motivating factor in initiating the project.
According to the Coinstar DIY Survey, 61% of respondents plan to spend $500 or more on a home improvement project this year. More than half plan to or will consider cashing in their spare change to pay for all or a portion of their project.
Home improvement is a family affair, disagreements can arise
More than two-thirds of homeowners typically perform DIY projects with someone else in the household like a family member or significant other. Of respondents who report doing a DIY project with someone else, 65% say they got into a disagreement related to the project. Sometimes the motivation for starting a DIY project is the result of a spouse or significant other requesting it, according to 20% of respondents.
Even friends and family outside the household get involved. When embarking on a DIY project, two in five homeowners say they go to a parent, family member or mentor for advice on how to proceed.
Skill level no deterrent when starting a DIY project
More than one quarter of homeowners surveyed consider themselves unskilled or under-skilled when it comes to home improvement projects. Regardless of skill level, the majority of DIYers learn how to tackle a project by learning online through YouTube videos and using search engines to locate how-to answers. Nearly half (45%) report they teach themselves through trial and error, and owner’s manuals are still a viable tool with nearly 60% of homeowners saying they always read the manual.
Despite the wealth of learning tools and good intentions, 82% of survey respondents say they have procrastinated when a DIY home project needed to get done.
To help pay for DIY projects, homeowners can turn their coins in for cash or exchange for eGift cards for no fee at Coinstar kiosks. No-fee eGift card options include Amazon.com, Best Buy, Home Depot, Lowe’s and Sears. Kiosk locations and cash-in options can be located by visiting www.coinstar.com.
The Coinstar DIY Survey was conducted online within the United States by Atomik Research, an independent creative market research agency, between Feb. 5 and 7, 2018, among 1,001 adults 18+ who own a home. The survey is representative of the United States population age, gender, and region. Margin of error is +/- 2 percentage points with a confidence interval of 95 percent. Research conducted was in accordance with Market Research Association guidelines and regulations.
About Coinstar, LLC
Coinstar® is the global leader in self-service coin counting with 23,000 kiosks in North America, Europe, and Japan. More than 800 billion coins have been processed since Coinstar’s inception in the early 1990s. In the United States, consumers can convert their change to cash, a no-fee eGift card, or donate to charity at supermarket, mass merchant, drug store, and financial institution kiosk locations. Expanded cash services at Coinstar® kiosks include purchasing cryptocurrencies and adding money into digital accounts. For brand advertisers, Coinstar now offers adPlanet™, which enables lead generation on the interactive kiosk screen and a flexible digital advertising platform that sits atop Coinstar kiosks at select grocery locations. For more information on Coinstar or kiosk locations, visit www.coinstar.com.
Marci Maule Housley