An escalating number of homeowners are deciding to invest in home improvements, according to a new home design survey.
The Zillow Digs Summer Home Improvement Trend and Spending Survey stated that 60 percent of homeowners will carry out home improvements or renovations this summer. Many homeowners are choosing to follow this path because housing inventory is tight, making it difficult to move, and more than 25 percent of homeowners throughout the nation are still underwater on their mortgages, meaning they owe more than what their house is worth.
The study shows that younger homeowners and homes with children generally have more plans for home improvements this summer.
Sixty-five percent of homes with children plan to utilize home renovations, which is eight percent more than those scheduling home improvements without children.
In age brackets, the most likely to add to their home was the 18 to 34 year old group, where more than seven out of 10 said they plan to renovate their home. Sixty-one percent of respondents 35 to 54 years old said they will remodel, while 51 percent of people 55 and older plan to renovate their space.
"Zillow Digs is a leading resource for discovering up-and-coming design trends as actual consumers and professionals are sharing and discussing what they like," said Cynthia Nowak, Zillow Digs trend expert. "As we head into the long days of summer, we are seeing increased interest in outdoor spaces with very natural elements such as stone fireplaces, as well as bringing more light into bathrooms with clear glass on the walls and shower enclosures."
Implementing the proper remodels can add value to your home. If you can't afford a renovation, there are options available through loans from your bank or financial institution. One alternative often used for home remodeling is a home equity line of credit. This asks a borrower to put his or her home down as collateral for a line of credit in return.
How much to spend on renovations?
A median price of $1,200 is approximately what homeowners plan to spend for summer home improvements. Homes without children and those 55 and older plan to spend $1,000, while those with children and who are younger than 54 years old plan to spend $1,500.
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