Home Renovations Are Super Popular Right NowApril 30, 2018
According to a new survey, more than half of all homeowners plan to improve their homes this year. That’s right! A whopping 58% of homeowners expect to make home improvements this year, with 45% planning to spend more than $5k on their projects.
This an all-time high, according to the LightStream Home Survey in its fifth year. LightStream is a national online lending division of SunTrust Banks, Inc.
Who Will Be Doing the Home Improvements?
About 65% of homeowners said they plan to put in some sweat equity – meaning they’ll do some of the work themselves – in addition to spending money on home improvements. This percentage was even higher for millennial homeowners, 70% of which plan to take part in their renos by doing some of the physical work themselves.
What Are the Most Popular Home Renovations?
Outdoor projects topped the list for the fifth straight year, with 43% of homeowners planning to do work outside their homes such as add or update patios, decks and landscaping. Close to a third of homeowners planning renos planned to remodel their bathroom, and around one in four were preparing to remodel their kitchens.
Most Homeowners Plan to Stay Put After Doing Work
The majority of homeowners planning renovations planned to stay put in their homes after the work is completed this year, according to survey. Only 7% of homeowners reported that they were fixing up their homes in order to put them on the market for sale.
Some Factors Affecting Pace of Renovations
According to the National Association of Home Builders, while enthusiasm for home renovations remains strong with homeowners across the nation, there are a couple of factors that are slowing down the speed of projects. These include higher lumber prices and the shortage of construction labor.
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