Nearly three out of five homeowners plan to spend money on a home improvement project this year, and 36% of those who do will hire a pro to do all the work, a new Harris Poll indicates.
Lighstream
The online survey results from 1,405 homeowners aged 18+ found that 808 of them planned to spend money on home improvements, and 45% planned to spend $5,000 or more. Roughly 30% said they would do all the work themselves, 36% would hire a professional, and the rest planned a combination approach.
The survey was conducted Jan. 26-30 and reported March 1 by Lightstream, a national online lending division of SunTrust Bank. This annual poll is one of the few that asks how consumers plan to pay for the work. 62% planned to pay at least in part through savings, while 30% intended to use a credit card, 13% their home equity line of credit, and 9% a new homeowner loan.
Lighstream
While outdoor projects like decks, patios, and landscaping topped the list of jobs planned at 43%, nearly a third said they’d do a bathroom remodel and a quarter said they’ll redo a kitchen. Only 7% said they were getting their home ready for sale, while 14% of the respondents said aging in place was their reason for doing a home improvement.
The tax reform bill also might be contributing to the growth in home plans. Eighteen percent of the respondents doing projects said they have increased their remodeling budget as a result of their taxes getting lowered.