More homeowners are opting to get home improvement projects done. LightStream, which is a division of SunTrust, recently took a survey and asked people if they wanted to get their home renovated. They found that 59 percent of homeowners plan on completing a home improvement project in 2017. Forty-two percent of people plan on spending over $5,000 on a home improvement project. Twenty-three percent of homeowners plan on spending over $10,000 on their home improvement project.
Outdoor renovations are the most popular home improvement project. In fact, forty-one percent of homeowners plan on getting an outdoor renovation. Thirty-two percent of homeowners plan on making home repairs. Twenty-eight percent of homeowners plan on making bathroom renovations. Additionally, twenty-four percent of people plan on making kitchen renovations.
While it is common for people to use financing to pay for their home improvement project, the survey showed that 60 percent of homeowners said that they will use their personal savings to pay for the project. Twenty-nine percent of homeowners plan on using a credit card to pay for their home improvement project.
Seven percent of people will use a home renovation loan. Six percent of homeowners will use a liquid investments to pay for their home improvement project. The survey also showed that more millennials are renovating their home. Sixty percent of millennials will renovate their home this year. The number of millennials getting their homes renovated has increased by 25 percent since 2014.
Home renovation has a number of benefits. Renovating your home can increase the curb appeal and value of it.