It seems that this year and probably into 2019, the preferred gift of the year is a home renovation. Homeowners are planning to spend big this season and not just on gifts. According to a new survey, about one-third of homeowners are planning home improvements over the next couple of months, which of course is about 10 times more than what homeowners spend on holiday gifts.
30% of homeowners plan to make home improvements around the holiday season. The average budget for these home improvements is six to $10,000. Most of these home improvements focus on the interior such as upgrading the bathroom and kitchen. And, most of these renovation costs will be paid for with secured financing such as home equity loans, cash out refinances, or he locks (home equity lines of credit”. About 30% of homeowners will spend $50,000 or more on these renovations. Generation X homeowners are the most likely to use this type of financing to pay for home renovations and will finance typically between 10,000 and $30,000 in expenses.
So what does that mean for you? Now is a great time to consider home renovations. If you’ve lived in your home for anywhere from 5 to 10 years, you’ve built up a good chunk of equity and can typically pull that equity out in a variety of different ways. There are different options, interest rates, and ways to pull that money out so that you can put it back into your investment, the home.
Give us a call today to find out what you qualify for and how much you can pull out for your next home renovation.