Regardless of how long you’ve owned your home, the vast majority of homeowners in the US expect to undertake a remodeling project. A recent survey commissioned by Trulia finds that 90% of all homeowners expect to remodel or renovate their homes at some point. This is up 6% since last year.
According to the Trulia survey, the two most common reasons to undertake home improvement projects are to prepare for an upcoming sale or simply for personal enjoyment. 68% of homeowners planning to sell in the next two years plan to undertake a home project. This makes sense, as those neglected repairs and upgrades threaten to drag down potential returns on the sale. But more intriguing is this figure: Only 17% of those planning to remodel in the next two years are also planning to sell in that time period.
As might be expected, the youngest homeowners (18-34) are the most willing to take on these types of projects with a remarkable 92% indicating they are willing to purchase a home needing remodeling or renovation. With inventories of available homes for sale low, new home construction still constrained and affordability a concern, it makes perfect sense for young homebuyers to seek out fixer-uppers.
In a nutshell, what the Trulia survey tells us is that American homeowners understand that their home is both a valuable asset as well as a sanctuary. To support these values homeowners of all ages are willing to invest in home renovation and remodeling.
We have a variety of products available, including a Jumbo One Time Close Construction loan which will help those who are looking to remodel or renovate. Reach out to us to learn more about how this product can help you craft the home of your dreams.
Contact us if you are looking to finance the purchase and renovation of a fixer-upper or seeking to finance repairs or renovations in anticipation of an upcoming sale.
This is not a commitment to lend. Programs available to qualified borrowers. Subject to credit approval, underwriting approval and lender terms and conditions. Program terms available may be based on the state or county in which the financed property is located. Programs subject to change without notice. Additional restrictions may apply.
While Opes Advisors, a division of Flagstar Bank, Member FDIC, uses all reasonable efforts to ensure that this information is current, accurate and complete on the date of publication, no representations or warranties are made (express or implied) as to the reliability, accuracy or completeness of such information. Opes Advisors, a division of Flagstar Bank, Member FDIC, therefore, cannot be held liable for any loss arising or indirectly from the use of, or any action taken in reliance on, any information appearing in this.