More homeowners want to make home improvements this year
- CG Custom Creations
- Feb 27, 2020
- 1 min read
Three in four homeowners are planning to make home improvements this year, boosting renovation spending by 27%.
The LightStream Home Improvement Trends Survey showed a boost in the share of home renovation projects, up from 73% in 2019 to 77% in 2020.
Outdoor remodels (47%) were the most popular among homeowners, encompassing plans for decks (45%), greenhouses and gardens (35%), and patios (34%). Among indoor renovations, bathroom (42%) and kitchen (38%) upgrades were the most popular.
"Our 2020 survey noted that 66% of homeowners say they'll stay in place for at least the next 10 years," said Todd Nelson, senior vice president of strategic partnerships at LightStream. "This helps explain record-low real estate inventories and higher home prices across the country."
As for why they are making these improvements, 60% said that they have an area of their house that they would be embarrassed to show guests visiting for the first time.
Meanwhile, 83% said that they have spaces they would renovate or build but just haven't gotten around to it, with 46% saying that the lack of funds is what's delaying them. Almost 65% said they would use their savings, while 33% said they would tap credit cards.
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