Survey: More Homeowners Plan Renovations in 2016

March 2nd, 2016 by Editor

As the remodeling market continues to improve, more homeowners are taking on home renovation and maintenance projects and are open to spending even more money than last year, according to a survey by LightStream, the online lending division of SunTrust Banks Inc.  It found that 62 percent of homeowners plan to spend on home improvement projects in 2016, an increase of almost nine percent compared to 2015.

The survey of homeowners was conducted online by Harris Poll in February 2016.

The amount that homeowners are looking to spend has also increased. Overall, homeowners planning renovations this year will spend an average of $6,239, up from  $5,037 in 2015. Forty percent plan to spend $5,000 or more (up from 36 percent in 2015), and 22 percent plan on spending $10,000 or more (up from 18 percent last year).

Once again, updating a home’s look, features and technology are the main motivations to remodel. The trend in outdoor living continues to dominate as the No. 1 home improvement project, with 45 percent investing in decks, patios or landscape renovations. Bathroom remodels (31 percent); upgrades to windows, roofs, HVAC and other technology systems (30 percent); and kitchen remodels (23 percent) round out the top four projects.

Sixty-two percent of homeowners planning renovations will pull from their savings. Credit cards will be used by 25 percent of homeowners; home equity lines of credit (9 percent), loans (6 percent) and investments (6 percent), are also cited in homeowner payment strategies.

 

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