Renovations are expected by 80% of owners in the coming year
Home improvements are on the mind of most homeowners according to a new survey from Chase Home Lending.
In a tie-up with The Property Brothers - Drew and Jonathan Scott – from HGTV, the lender’s survey ‘Sweat Equity: A Homeowner’s Most Valuable Resource’ found that 8 in 10 owners are planning improvements and 60% have completed a project in the last 6 months.
“More and more homeowners are taking matters into their own hands by doing the work themselves,” said Amy Bonitatibus, Chief Marketing and Communications Officer for Chase Home Lending. “While cash is still king, we are seeing an increase in the number of people who are taking advantage of the recent drop in rates and paying for their renovations by tapping into the equity in their home.”
However, they opt to pay for their improvements, most have healthy budgets:
- 58% projected spending up to $10,000 on a project
- 21% foresee projects of $10,000 to $25,000
- 21% aimed high, spending at least $25,000
The main reasons for improvements are: adding value to the home; creating a comfortable space for family/hosting; and feeding their hobby of DIY/home improvement.
