65 Percent of Young Homeowners Plan to Renovate This Year
If you’re a young homeowner who plans to renovate this year (or perhaps have already begun or finished the process), you’re not alone. Many people are eager to refresh their homes right now, especially younger generations, according to Bank of America’s 2021 Homebuyer Insights Report: Home Improvement and Equity Spotlight.
Conducted on behalf of the bank, a Sparks Research survey of 2,000 adults who currently own a home or plan to in the future found that 65 percent of younger homeowners (ages 18 to 43) and 60 percent of Gen X homeowners (ages 44 to 56) are likely to renovate this year. Older homeowners (ages 57 to 75) are less likely at 22 percent.
“Traditionally, home improvement projects have been measured through the lens of return on investment, but we’re seeing that the emotional connection to one’s home is just as important,” Ann Thompson, specialty lending executive at Bank of America, says. “Customizing a home and bringing it up to date can create a place your family can enjoy for generations to come and help build a legacy and long-term wealth.”
More than half of the survey respondents planned to remodel their homes before or right after moving in while a small percent planned to do it before selling their home. The report also found that many younger homeowners are taking on DIY projects and looking to incorporate more sustainable features into their homes, like solar panels and energy-efficient appliances.
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While you can dip into savings or use a credit card for home reno projects, one resource some younger homeowners weren’t aware of is that they can use a home equity line of credit for big projects. “While we see so many design ideas we’d like to try, homeowners don’t get much information when it comes to how to pay for these exciting changes,” Thompson says. “A home equity line of credit is a great financing choice for more significant home renovations.”
You can dive deeper into the report here and find more information about home equity lines of credit here.
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