Based on an early 2017 survey, homeowners are projecting a higher than average spend on renovation projects. More than half of homeowners stated they plan to spend money on updating their homes. 42% intend to spend $5,000 or more, and 23% plan to spend at least $10,000. Below are some key statistics from the report.
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Outdoor living projects shined in the survey.
- 41% plan to spend on outdoor projects like decks, patios, and landscaping
- A survey high 7% of homeowners are planning to install pools in 2017
- Home repairs/technology (32%), bathroom updates (28%) and kitchen remodels (24%) rounded out the top projects.
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All generations are participating in home improvement projects.
- Millennials are trending up 25% since 2014 – reporting that 69% of homeowners ages 18-34 will update their homes this year
- Generation X homeowners show the largest interest in home improvement at 72%
- Bath (12%) and repair/technology (18%) upgrades scored high for the Baby Boomers as they begin to age in place
One of the most noted items from the survey was homeowners’ intention to use credit cards to pay for their home improvement projects. Over time, credit cards can become troublesome for big-ticket items like home renovations. Your customers would be better served by taking on a home improvement loan to fund their project. Managing low monthly payments will be in their benefit in the long run. To learn more about how Foundation Finance can help get your customers financing for a project, please call us at 855-241-0024 ext. 5012 or email [email protected].
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