During the last recession, many American homeowners scrapped their ideas for home improvement projects as home prices dropped and access to consumer financing options was difficult. According to the latest Bankrate Money Pulse survey (March 2016), home improvement spending is expected to rise in 2016 – 28% of U.S. homeowners will remodel or improve their homes in the next 12 months, with 37% of them being millennials.
The most popular projects:
The survey found that about 52% of homeowners are planning a project that involves exterior work – decks, patios, pools, driveways, fencing, landscaping, etc. Other popular projects include: new flooring, windows, roof, siding and renovating a kitchen or bathroom.
The healthier economy and improved real estate market are both factors which have allowed people to either buy a home and fix it up or intstay in their existing home and do home improvement projects.
Funding your customers’ home improvement project:
“Consumer financing concerns” are stifling further growth. Many homeowners still cannot access their home’s equity to pay for improvements. At Foundation Finance Company, we make it easy for your customers to get approved. We offer approvals for A, B, C and D credit customers with flexible payment plans and options. For information on our programs how to become a dealer please visit our website, call us at 855-241-0024 or email us at [email protected].
Read the full Bankrate article here.
