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Survey Shows More U.S. Homeowners Plan Renovations In 2017

Couple in their New House Choosing a Color for the WallsThere’s a 50-50 chance that you are one of many homeowners in the U.S. planning to renovate your house, according to a January 2017 LightStream Home Improvement survey.

Whether it’s adding antique fireplace surrounds or new garden statues, the poll showed that 59% of respondents will spend for home upgrades this year, while 42% intend to spend $5,000 or more for renovations.

Credit Financing

Savings will be the primary source of funding for any home improvement plans, according to 60% of the survey’s respondents. However, 29% plan to use their credit cards as opposed to just more than 9% that will apply for Home Equity Line of Credit or 7% that plan to take out a similar loan.

While using your credit card may be a good option, there are certain drawbacks. Rewards accumulation serves as one advantage, but these will be easily offset when you intend to revolve the balance. That’s because interest rates are normally higher than home loans. Still, credit cards allow you to execute your plan almost instantly, as the approval process for loans can take quite a long time.

Renovation Tips

If you already chose a financing type, do research on how you can reduce the impact of the planned renovation to your daily activities. For those planning to do home upgrades during summer, make sure to prepare your rooms for the possible dirt and clutter. Move and cover furniture to protect them against accidental damages as well.

Children and pets should also be kept from entering the work premises by creating designated entrance and exit points. In this way, they are safe from the noise and dust as well as ensuring that workers are uninterrupted from their work.

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Whether you intend to use your savings, credit card, or a loan, home renovations should fit within your intended budget. In the end, your desired home improvement should not put a dent in your finances or worse, provide you with a debt burden.

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