This year, thousands of people are preparing to do some serious remodeling on their homes. According to the 2018 LightStream Home Improvement Survey, 58 percent of U.S. homeowners are planning on putting some money toward improving their home this year. And of these renovators, a whopping 48 percent will be spending it on their pool or outdoor space, increasing the number by 5 percent from last year.
Outdoor Renovations Top the List
During its annual look at homeowners’ renovation plans, LightStream also discovered that outside projects are topping the list for the fifth year in a row. Bathroom and kitchen remodels came in second and third place, with 31 percent and 26 percent respectively, making outdoor improvements the clear frontrunner. In addition, while homeowners seem happy to invest some sweat equity in their homes, roughly two-thirds said they would likely hire a professional to help with the heavy lifting and ensure the quality of the work.
How Much People Are Spending
Lastly, when it comes to how much homeowners are willing to spend, 45 percent of people said they plan to invest at least $5,000 or more, showing an upward trend in the amounts being budgeted. For example, the percentage of big spenders—those estimated to spend $35,000 or more—has doubled since 2017. And most people aren’t updating in order to sell. Rather, many are renovating so their home can grow with them—many even between the ages of 18 and 44.
Do you want to see what all the buzz is about? Read about LightStream’s other finding and view their infographics on the subject by clicking here. And if you yourself are considering an outdoor remodel, big or small, >contact us today to see how we can help.