If you’re a young homeowner planning to renovate this year (or may have already started or completed the process), you’re not alone. According to Bank of America, many people are keen to renew their homes right now, especially younger generations 2021 Homebuyer Insights Report: Home Improvement and Equity Spotlight.
A Sparks Research survey of 2,000 adults who own or plan to own a home, conducted on behalf of the bank, found that 65 percent of younger homeowners (aged 18 to 43) and 60 percent of Generation X (aged 44 to 56 ) are due for renovation this year. Older homeowners (aged 57 to 75) are less likely at 22 percent.
“Traditionally, home improvement projects have been measured by ROI, but we see that emotional connection to one’s home is just as important,” said Ann Thompson, specialty lending executive at Bank of America. “Customizing and updating a home can create a place your family can enjoy for generations to come and help build a legacy and long-term prosperity.”
More than half of survey respondents planned to remodel their home before or immediately after moving in, while a small percentage planned to do so before the home was sold. The report also found that many younger homeowners are taking on home improvement projects and are trying to incorporate more sustainable features like solar panels and energy-efficient appliances into their homes.
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While you can dive into savings or use a credit card for home Reno projects, one resource some younger homeowners were unaware of was that they can use a home equity line of credit for large projects. “Although we see so many design ideas that we’d like to try, homeowners don’t get a lot of information when it comes to how to pay for these exciting changes,” says Thompson. “A home equity line of credit is a great financing option for major home renovations.”
You can delve deeper into the report here and find more information about home equity loans here.
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