If you’ve been considering a home renovation project for 2015, you’re hardly alone. According to a survey that was performed in March, 57% of homeowners are planning to spend money on some sort of home improvement project this year.
That’s great news for those of us in the home improvement industry, of course. Many have been struggling to survive the recession of recent years, and this survey indicates that the recovery is continuing strong.
But the result of this survey is also great news for homeowners. It indicates that many people are now comfortable enough with their financial situation to proceed with a project that, in many cases, they’ve been dreaming of for years.
Making a Home More Homey
One particularly interesting revelation from the survey has to do with the types of projects homeowners are planning.
Many are remodeling to accommodate changing family dynamics – expanding to meet the needs of a growing family, for example, or to make changes for aging family members.
And more than half are planning a renovation to also update the look of their home, or to incorporate some modern technology.
The Money
If you’re in the majority of homeowners currently considering a home renovation project, how much are you thinking of spending? If it’s in the $5000 to $10,000 range, you’re right inline with the majority of survey respondents.
But a sizeable 18% are planning something big, expecting to spend more than $10,000 on their home renovation project.
How do people plan to pay for their home renovation projects?
According to the survey, more than half plan to cover it with their savings. A rather surprising number, 30%, plan to use credit cards to pay the bill. And 16% plan to finance with either a home improvement loan or a home equity line of credit.
It’s Good News for Everyone
As noted in the press release announcing the survey results, “Whether to improve indoor and outdoor space for a better family life or to perform routine maintenance, renovations provide myriad benefits.”
And that’s good for everyone. As observed in the release, “This is good for the economy and the home improvement industry overall.”
Home renovation work is part of what we do at TLC Inc. It’s a big part of what we do. And we couldn’t agree more with the conclusions above. We’ve seen so many times the benefits that families enjoy as a result of the renovations we perform.
Whether it’s a bathroom remodel, a basement renovation, or a garage makeover – whatever the project, it’s always a delight to see the joy the project brings to our customer’s family when it’s completed. And of course, we benefit too by keeping our employees busy and growing our business.
So it’s a true win-win for everyone involved.