Eighty percent of homeowners anticipate taking on a home improvement project in the next year, and more than 70% of that group plans to do the work themselves, according to a new survey from Chase Home Lending. The top motivators for sprucing up a home include adding value to the property, creating a comfortable space for family and entertainment, and accommodating a DIY hobby, the survey of 1,000 homeowners found.
“More and more, homeowners are taking matters into their own hands by doing the work themselves,” says Amy Bonitatibus, chief marketing and communications officer for Chase Home Lending. “While cash is still king, we are seeing an increase in the number of people who are taking advantage of the recent drop in rates and paying for their renovations by tapping into the equity in their home.”
About 58% of respondents say they plan to spend up to $10,000 on their home remodeling project; 21% intend to spend $10,000 to $25,000; and 21% say they will spend at least $25,000. Many homeowners say they plan to use a mix of cash, savings, credit cards, and home equity lines of credit or a cash-out refinance to pay for their updates.
Chase teamed with Drew and Jonathan Scott, hosts of TV’s “Property Brothers,” to conduct the survey. “Elevating your property from a house to a home can be within reach,” says Drew Scott. “Whether it’s sprucing up your outdoor deck or updating your kitchen with a trendy tile backsplash, selecting the right projects can create long-term value and make your property more attractive for future buyers.”
Source: “Sweat Equity: A Homeowner’s Most Valuable Resource,” Chase Home Lending (October 2019)
