According to the 2023 Hippo Housepower Report, 46% of homeowners had something unexpected go wrong in their home. More than 30% of them opt to tackle most issues themselves, but 27% are struggle with the decision of when to hire a professional over completing a task on their own.

Of people responding, 38% said inflation is a major factor in both decisions.

With the current economic trends, any opportunity to reduce home maintenance costs is attractive to homeowners. Lumberyards saw a spike in DIY sales from 2022 to 2023, and projections show hardware store sales reaching over $69 billion by 2027.

However, money isn't the only driving factor that has many homeowners picking up a screwdriver and getting to work. Many homeowners feel a sense of pride and accomplishment when they can personally care for their home.

One unexpected factor in recent years has been the volatile housing market. Nearly half as many homeowners considered selling than when they were polled the previous year.

“This past year's low housing inventory and high interest rates have homeowners being cautious about the costs of homeownership, leading them to prioritize budgets and find new ways to prevent small problems from becoming big issues,” says Rick McCathron, Hippo President and CEO.

“Looking ahead, nearly one-third of homeowners who participated in our survey said they would advise their peers to prioritize scheduling and budgeting for regular, proactive home maintenance and emergencies in 2024.”

Managing finances is often the worst part of planning for home improvements and repairs. Of responding homeowners, 33% say they budgeted $1,000 or less for unexpected or planned repairs in the past year, but the money isn't going as far as it used to.

That led 32% to cut back on discretionary spending. Others found interest in taking a more proactive approach. About 27% spent money for energy-efficient upgrades, a benefit to their bottom line as well as the environment. The most common unexpected issues involved HVAC systems. According to Homeguide.com, HVAC technicians can charge upward of $150 per hour. If you're spending that kind of dough, why not get a more efficient system?

At least one-quarter of homeowners polled have or plan to invest in appliance upgrades, home security, and other preventive services.

Increasingly, social media, specifically YouTube, Instagram and even TikTok, have become the most prevalent sources of inspiration for homeowners interested in saving money with DIY projects. About half of people turn to social media in general for creativity, but Appino Research says two-thirds of people look for DIY inspiration on social media. More than half specifically point to Facebook, thanks to captivating visuals and engaging content.

Influencers with skilled technical experience rank high on the watchlists of aspiring DIYers. Some offer full tutorials with easy to follow steps for free or minimally expensive projects.

Two-thirds of people who follow social media accounts dedicated to DIY projects and home improvements admit they try to mimic a project or design they first glimpsed there. Another 50% claim they only use these accounts to inspire them or just find the best place online to purchase the DIY supplies and tools they need.

While most DIYers start at the local hardware store, nearly half all homeowners prefer to shop online.

Budget and financial concerns should never be the sole reason to attempt a DIY project.

Even the most ambitious DIYers have to know when to quit. This can happen when a project becomes too big or overextends the homeowner's skills. For example, HVAC systems are so complex and delicate, it's safer and more affordable to hire a professional.

DIY repairs should never risk the safety or value of your home, or put you at risk of breaking the law, local ordinances or homeowner's association guidelines. Before undertaking DIY tasks, assess the scope of work. Is it a one-person job that doesn't require something potentially dangerous? If so, then chances are it's a safe repair or maintenance to take on as a DIYer.

Homeownership is about more than just paying the mortgage and choosing the décor. It also includes property upkeep, from lawn care and pest control to more delicate systems like plumbing and electricity. Owning a home is a lot of work, but that hasn't stopped some people from taking on home repairs without a professional's help.

Besides saving money on costly professional services, DIY projects offer homeowners a sense of pride, especially when completed correctly. There's no shame in obtaining assistance from online sources, so if it's the safer route, log onto social media for inspiration or steps on particular tasks.

Rushing into buying a home or making major renovations guarantees more risks than rewards. Understanding the basics of homeownership allows first-time and long-term homeowners to make their investment worthwhile, maybe even worth more than when they first bought it.