If you’re thinking about starting a home improvement project this year, you’re not alone. In fact, according to LightStream’s 2019 Home Improvement Survey, the vast majority of Americans homeowners are with you. The sixth annual report from LightStream shows that exactly 73% percent of homeowners hope to renovate in 2019, but it also reveals some interesting trends in the types of renovations and how homeowners are planning to pay.
Outdoor Renovations Incoming
Of the 73% percent, almost half—41% percent—are planning to make some improvements to their outdoor space. This may be due to the fact that respondents listed comfort and quality as top priorities in their homes, and well done outdoor spaces can be a great source of both. These numbers are likely also influenced by homeowners planning to stay put. Fifty-nine percent aren’t planning to move out of their current for another 10 years—or ever. This is likely leading to homeowners finally getting around to the backyard projects they’ve always wanted.
While 60% of homeowners are planning to use their savings to pay for these renovations, many are turning to other options as well. Other popular choices include using a credit card, getting a home equity line of credit, or liquidated assets. Only 10% plan to utilize a home improvement loan, however, if you are planning on doing renovations of your own, this may be a good option for you. If you don’t already have the cash in savings, home improvement loans can often provide a lower interest rate than credit cards and don’t carry the same requirements as home equity. We partner with A&A Financing to help our customers find the best option for them.
If you are part of the three-quarters of homeowners that are planning renovations this year, we would love to help you. It’s our mission to build quality pools and outdoor spaces that you are your family will love. You can schedule an appointment with us today to get your free home estimate now! We look forward to helping the backyard of your dreams come to life.