Renovations on Homeowners To-Do List - Other News

Advertising Disclosure is an independent, advertising-supported web site. receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Renovations on Homeowners To-Do List

Renovations on Homeowners To-Do List

Add to Favorites:
Renovations on Homeowners To-Do List

This year homeowners are looking to renovate their homes, according to a new survey by LightStream, an internet based lending division of SunTrust Banks, finding that 59% are planning to get their projects underway.

Going hand-in hand-with more people looking to fix up their homes is an upswing in spending with 42% planning on spending at least $5,000 or more, while 23% will be spending $10,000 or more. This is the biggest upswing in spending by homeowners on renovations since 2014.

How will they be paying for it? According to the study, homeowners will be using everything from loans and savings to credit cards to pay for their projects whether that’s putting in a pool, or upgrading their bathroom.

How will they pay for it?

Sixty percent plan to dip into their savings, while 29% will be pulling out their credit cards, which is up 16% from 2016. On the other hand, some are taking out loans with 9% planning to get a home equity line of credit, while 7% will apply for home improvement loans. Last but not least, 6% will be taking some money out of their investments.

Pools, decks and patios are still in style

When it comes to getting renovations done, projects having to do with outdoor living are at the top of the list, with 41% planning out projects, which include adding in decks, patios or doing some landscaping. What about pools? They are on the list too, and more popular than last year, with 7% planning a pool install, which is a high for this survey and up 40% from last year.

Home repairs and technology upgrades are on to-do lists for 32% of people, as are upgrading bathrooms (28%) and remodeling kitchens (24%). That said, giving garages (14%) and barns (4%) an upgrade are also on the list for many.

Generational divide narrows

This year Millennials are also getting in on renovations, with 69% planning on renovating their homes, up 25% from 2014. Even with this narrowing of the generational divide, Generation Xers are a little a head of Millennials with 72% planning to fix up their homes, leading the way when compared to all the generations.

What about Baby Boomers? Their renovation to-do lists are having a downturn, dropping by 57%, down 11% from last year. Even with that some are still up for renovations. What projects are they focused on? They are looking to get their bathrooms and kitchens upgraded, but they are also looking at home repair and tech upgrades.

The survey was conducted by Harris Poll using online methods. It was carried out in the U.S between January 26 and 30. They interviewed 3,172 U.S. adults, who are over the age of 18.

All credit cards terms, fees and rates mentioned in this article/post are actual on the posting date. See the current products’ Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Hertz and Air France Renew Their Partnership
Hertz and Air France Renew Their Partnership

Posted: March 02, 2017

Air France and Hertz Global Holdings, Inc. are renewing their partnership – with Hertz, Thrifty and Firefly continuing in their long-term role as Air France's exclusive car rental company. Continue reading
Two New Centurion Lounges from American Express

Posted: October 18, 2017

If you're passing through either Hong Kong or Philadelphia International Airport you will be able to stop in at the new Centurion Lounges opened there by American Express. The lounge in Hong Kong went live early in October and is the first ... Continue reading
Personal Loans Lend a Helpful Hand

Posted: October 17, 2017

People take out personal loans for many reasons, and according to a new study by Discover, 68% said that taking out a loan made it possible for them to achieve their goals, whether they wanted to pay down debt, deal with medical bills or ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
You could turn $150 into $300 with Cashback Match™. Get a dollar-for-dollar match of all the cash back you've earned at the end of your first year, automatically.
For Excellent, Good Credit
No Annual Fee. See WebBank/Fingerhut Credit Account Terms.
For Bad Credit