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More homeowners planning renovations this year

By: Kelly Leighton on in

Nearly three quarters of homeowners plan to do home renovations within the next year, an increase of 26 percent from last year.

What are residents so eager to change? The most popular answer is the outdoors, according to 41 percent, the sixth annual LightStream Home Improvement Survey found. The bathroom (37 percent) and the kitchen (31 percent) are two other common areas that some owners are planning to redo. Twenty-seven percent of renovators want to personalize their home, 14 percent went to increase their home value and 7 percent are planning to sell their home.

“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.”

And homeowners are ready to pay for it. For those planning to renovate, they expect to spend $9,006.60, on average, an increase of 32 percent from last year’s survey. Sixty percent are planning to dip into savings to pay, while 32 percent plan to put it on a credit card. Another 13 percent plan to use home equity for a line of credit, while 10 percent are using a home improvement loan and 4 percent are liquidating or tapping into investments.

A huge percentage of millennials are planning to renovate over this year, at 84 percent. Seventy-five percent of Generation X and 67 percent of boomers are also planning to do some work on their homes.

Kitchen Remodeling Trends Lean Toward More Storage

The Houzz study found that a high percentage of homeowners prioritized storage and opening their kitchen space when remodeling. And most people are doing the renovations because they finally have the means or they can no longer stand their old kitchen.

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