73% of Homeowners Will Invest in Their Nest This Year โ˜˜ Hoey Team โ˜˜ eXp Realty

Dated: July 14 2019

Views: 82

LightStream survey: That’s up 26% from 2018; homeowners also plan to spend more on their renovations – about $9K, the highest amount since the poll began in 2014.

ATLANTA – Nearly three in four (73%) homeowners surveyed plan to make home improvements this year, a 26% increase from 2018, according to the sixth annual LightStream Home Improvement Survey conducted by The Harris Poll.

Homeowners also plan to spend more on those renovations – an average of about $9,000, the highest amount since the survey began in 2014. In addition, more homeowners this year will take on projects with major price tags. Those planning to spend $25,000 or more on improving their homes grew by 83% compared to last year.

In terms of what’s driving these renovations, Americans are more focused on creating a space they love than increasing the value of their home as an asset. Personalization is the number one motivator for investing in a home renovation (27%), ahead of increasing home value (14%); improving a home for sale (7%); or preparing for a major life event (4%) such as a new baby or retirement.

“The majority of homeowners are planning on staying in their homes for at least 10 years—or never move,” said Todd Nelson, senior vice president of strategic partnerships at LightStream. “Regardless of their age, we found that most consumers are focusing their home improvement projects to reflect their personal lifestyle, comfort and interests.”

As Americans prepare to tackle home improvement projects, lack of education and preparedness can often lead to unnecessary stress.

“Financial stress can impact the renovation process,” Nelson said. “By budgeting and educating themselves up front, homeowners can reduce strain, save money and manage an important project with confidence.”

LightStream offers three tips to help consumers take on a home improvement project with financial confidence:

Build the budget: The first step is to price out the bigger expenses, like materials and labor, then move on to inventory everything you will need to complete your project, down to paint brushes and tape. Make sure to leave room in your budget for unexpected expenses.

Research DIY or contractor: If you are willing to get your hands dirty, simple DIY-friendly efforts such as painting, demolition and landscaping will save money if you take them on yourself. Projects that include heavy construction, plumbing or electrical work may be best done by licensed professionals, who can save you from headaches in the long run.

Choose the right funding: The majority of people taking on home improvement projects this year are planning to tap into their savings (60%), followed by credit cards (32%) and a home improvement loan (10%). While using a portion of savings can be a smart solution, it is also important to consider other funding options before dipping into money set aside for the future, like emergency funds or 401Ks. When planning larger projects, consider a home improvement loan instead of paying with high-interest credit cards or draining your savings.

Source: 2019 Home Improvement Survey from LightStream, a division of SunTrust Bank

Article content from Florida Realtors

Also; please check out the other blogs, and tabs to many other different Links, Updates & Reports that we have here on our informational website.  โ˜˜

"We hope that you find the information useful.  If you have any questions, please do not hesitate to contact Kim or Barry with the Hoey Team, email us at Barry@SWFLLuxury.Com  or KimZuponcic@Gmail.com or Call/Text the Hoey Team at:  (239)-360-5527 

Please Share this Page with anyone who you think the info will help.  Feel free to refer any family or friends; it is the greatest compliment that you can give to us; we really appreciate referrals, and we will help in any way we can.  Most of our business is referrals by word of mouth from past Sellers and Buyers who we have helped; please ask for and check out our testimonials.  Thanks, Barry & Kim"

Blog author image

Barry & Kim, Hoey Team ๐Ÿ€ 239RealEstateDeals.Com LLC โ˜˜

"Your Real Estate Concierge" If you are looking for a REALTORยฎ or one-stop Real Estate Team who will fully communicate; promptly, professionally, and in detail with you, to efficiently help you wit....

Latest Blog Posts

๐Ÿ“ฃ U.S. Annual Home Prices Gain a Record 18% in July ๐Ÿก Hoey Team ๐Ÿ€ 239RealEstateDeals.Com LLC โ˜˜ Southwest Florida ๐ŸŒด

CoreLogic: That’s the biggest 12-month gain since the series began 45 years ago. On a month-over-month basis, home prices increased by 1.8% in July from June.NEW YORK – U.S. home

Read More

๐Ÿ”” Here Are the Most Popular U.S. Cities for Second Homes, with Florida the Most Popular State ๐Ÿก Hoey Team ๐Ÿ€ 239RealEstateDeals.Com LLC โ˜˜ Southwest Florida ๐ŸŒด

Survey: Second homes account for 5.4M U.S. housing units. Miami ranks in the top 5 most popular big cities for second homes; Miami Beach is No. 1 for small cities.MIAMI – A recent AdvisorSmith

Read More

๐Ÿ“ข Who is ready to play flag football to honor Fallen Officers? ๐Ÿ€ 239RealEstateDeals.Com LLC โ˜˜ Southwest Florida ๐ŸŒด

239RealEstateDeals.Com LLC are proud to announce, that in an effort to continue to pay it forward in our Southwest Florida community where we support many events in our communities, 

Read More

๐Ÿ“ฃ FAU Economist Says Homes โ€˜Less Overpricedโ€™ in July ๐Ÿก Hoey Team ๐Ÿ€ 239RealEstateDeals.Com LLC โ˜˜ Southwest Florida ๐ŸŒด

The overheated market may be slowly cooling.  Even if July numbers just reflect the usual summer slowdown, it could mean traditional patterns are starting to return.FORT LAUDERDALE, Fla. ;

Read More