Break out those hammers, folks! Millions of homeowners are planning to renovate their homes in the next year—36 million, to be exact, according to a recent Bankrate.com survey. The majority of renovations will take place outside of the home, the survey found, including improvements to:
“With more homeowners deciding to make upgrades to their homes this year, it's a sure sign that they're generally feeling more secure about the economy and in the housing market, as well,” says Mike Cetera, Bankrate.com's personal loans and credit analyst.
Millennial homeowners are more likely than others to renovate in the next year, according to the survey—and interestingly, homeowners with lower incomes are just as likely to renovate in the next year as those more flexible budgets.
For homeowners planning to finance a renovation, Cetera recommends considering a home equity loan or home equity line of credit (HELOC). These charge lower interest rates than personal loans, but do require the home as collateral. Cetera also suggests applying for a zero-percent balance transfer credit card, if the homeowner exhibits creditworthiness.
Published with permission from RISMedia.