More homeowners are opting to stay put and renovate

People are staying in their homes longer and making repairs or renovations according to a new survey.

The sixth annual LightStream Home Improvement Survey conducted by The Harris Poll found that 73% of owners are planning home improvements in 2019, a rise of 26% from last year.

They are also planning to spend more - $9,000 on average – a record high for the survey, while the share planning to spend $25,000 or more rose by 83% year-over-year.

"The majority of homeowners are planning on staying in their homes for at least 10 years—or never move," said Todd Nelson, senior vice president of strategic partnerships at LightStream. "Regardless of their age, we found that most consumers are focusing their home improvement projects to reflect their personal lifestyle, comfort and interests."

But the reason for renovations is less about adding value than it is about creating a perfect space. Personalization is the top motivator for 27% of respondents while just 14% are driven by increasing value.

Improving their home ahead of sale was the priority for just 7% while 4% were preparing for a major life event such as having a baby.

Financial stress
Although there is a strong desire for home improvements, many respondents said it was a stressful experience.

"Financial stress can impact the renovation process," Nelson said. "By budgeting and educating themselves up front, homeowners can reduce strain, save money and manage an important project with confidence."