Consumers Underestimate Home Maintenance Costs

Underestimating home improvement costs? You’re not alone.

According to HomeAdvisor, more than a quarter of American respondents in a recent survey underestimate home improvement costs. About 26% of respondents underestimated the cost of interior painting by around 50%. The report found, on average, the cost to have a medium-sized room painted professionally will cost between $200 and $800, while the cost to DIY is about $100 to $300.

Additionally, 24% of respondents underestimated landscaping costs by at least 67%. The cost to plant five small trees would cost $300 to $700, according to the report. Also, 40% of respondents underestimated the cost of window installation, guessing it would cost $250 or less. In homeowners’ defense, due to an increase of material costs, the price has gone up 5 to 10% this year. The report found that it cost anywhere from $120 to $1,2000 to install a a single thermally insulated, energy-efficient window and around $200 to $800 in labor.

Beyond the cost, it’s no surprise that nearly two-thirds (65%) of respondents find home improvement projects at least somewhat stressful, with 15% deeming them very stressful. Men are more likely than women to claim that home maintenance is “not at all” stressful at 58% vs. 43%. But it’s not for nothing. Twenty-nine percent of respondents said they are doing home improvement projects to fix necessary repairs and/or improve a home’s function, while 25% are seeking to improve a home’s value. Improving a home’s comfort was important to 15%. Interestingly, making a home more energy-efficient was only a priority to 8%.

As the shortages of labor and supply continue, homeowners should be contingent of increased costs. Ultimately, to better estimate home improvement costs, consumers should account for inflation and demand, make going green a priority, look into repairing over replacing and get quotes from different professionals.