Many homeowners have renovation projects in mind to transform their outdated homes into beloved homes. A recent survey conducted by Craftsman Tools shows that more than half of Americans will not put their home on the market because of relatively high interest rates. Because of this, two-thirds of American homeowners are planning DIY projects instead.
Due to the housing shortage, millennials and younger generations are more likely to buy older homes that are in need of repairs. However, the desire to see these projects through to completion may not match everyone's ability to see them through. More than 44 percent of homeowners, especially Millennials (63 percent), admit to abandoning a project due to insufficient tools.
Here are three main reasons why Millennials (and other age groups) insist on quitting tools before a renovation project is complete.
Reason 1: Tooling cost
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One reason Millennials tend to lack the tools they need for renovation projects is financial. A Craftsman study revealed that 47% of Millennials don't own tools because of the investment required. “Building a tool collection is an investment and can take time,” says Audrey Van de Castle, Craftman's in-house DIY expert.
When shopping for power tools, she recommends that “millennials and first-time homeowners consider versatile tools like the CRAFTSMAN V20 system as they build their collection.” This brand's V20 battery can be used with over 100 of her tools.
Reason 2: Limited knowledge of the required tools
Lack of knowledge can also cause homeowners to abandon DIY home improvement projects. Specifically, the Craftsman survey found that 36% of respondents reported having limited knowledge of the tools they need. In this study, 64% of homeowners surveyed said they prefer buying tools for renovation projects rather than renting them.
One solution is to spend more time learning how to use the specific tools you purchase. Gaining this knowledge may require reading, searching online, finding a mentor, or attending a workshop at a local school in your area.
Reason 3: Concern about expensive tools being underutilized
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When it comes to tool use, 50% of survey respondents said they fear they aren't using the tools enough. That's a legitimate concern. In these cases, it may be more advantageous to rent the tools. Renting frees up funds that can be invested in materials and other project costs. Instead of spending money on tools you'll only use a few times, you can save money by making multiple trips to your local The Home Depot equipment rental desk or another tool rental store.
Tip: Take your time
Van de Castle advocates a slow and steady approach. she says: “The best thing about DIY home renovations is that you can usually take your time. If you're feeling overwhelmed, try moving your project planning schedule forward and getting the right tools for the job. or more time to research the task at hand in more detail.”
There may also be financial incentives for renovations, such as tax rebates. Before starting a home improvement project, take the time to research this possibility in your particular area.
Tip: Watch the video
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Van de Castle believes watching YouTube videos can be helpful. “You have access to experts who are working on projects and challenges similar to yours, helping you get your project right the first time.”
She also says, “YouTube videos can give you the wrong advice. Be sure to look at some metrics on the video, such as comments, view counts, and author's page, to know if the information is reliable.” We recommend that you check it out.”
Tip: Decide on the type of project you want to DIY
For millennials who tend to leave renovations half-finished, it's worth considering whether DIY projects or ones that require hiring someone are best for you. Some projects are easier than others, Van de Castle said.
she says: “Updating fixtures is much easier than some people think. As long as you have an existing line, these can usually be quick projects with the right tools.”
Of course, this type of project can be risky. Van De Castle says, “Before starting these simple projects, you should be aware of safety hazards such as electric shock and take appropriate precautions.”
Tip: Choose the easiest DIY project
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The best DIY renovation projects are cost-effective and reward you once completed. But as the National Association of Home Builders claims, more than 30 percent of all of its members' renovation work comes from unfinished DIY projects.
Van De Castle offers several solutions, saying, “Painting is one of the easiest and fastest conversions. Simple and easy, requiring only a few tools such as a saw, clamp, and drill.'' Last but not least, installing custom wall accents like shiplap or board and batten can improve your space all in one weekend.''Need more ideas? If so, take a look at our most popular DIY projects.