73% of Homeowners Plan to Make Home Improvements This Year
According to a new study from The Harris Poll, 73% of homeowners plan to make home improvements this year. This is an increase of 26% from a similar survey conducted in 2018.
On average, homeowners plan to spend just over $9,000 on renovations, an increase of 32% from last year and the highest amount since 2014. Over one-quarter (27%) of homeowners plan to renovate to personalize their homes, while 14% want to increase their home’s value.
Only 7% of homeowners are making improvements to sell their homes. In fact, 59% of respondents said they are not moving for at least 10 years, if ever.
Outdoor projects are the most popular improvements, followed by kitchen and bathroom remodeling. Nearly one-third of homeowners plan to make home repairs, such as window replacement and roof repairs.
With regards to financing, 60% of homeowners plan to tap into their savings to cover improvement costs; 32% plan to use credit cards, and 10% plan to take out a loan. Some respondents plan to use a combination of funding sources to pay for renovations.
Many new credit cards have recently come to market, specifically designed for home remodeling. For instance, Alliance Data unveiled a Houzz credit card last week, and Synchrony launched the HOME credit card, which offers special financing options and 2% cash back at home improvement stores (for purchases under $299).