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Despite fear, restrictions and the economic downturn that followed the coronavirus, more than half of homeowners who were working on a renovation project before the pandemic were able to continue it, according to a new study.
The survey found that 52 percent of respondents said they were able to continue their home renovation or design project even after the coronavirus was declared.
The ability to continue a project depended on state and local restrictions.
According to the report, 64 percent of respondents in the South were able to continue their projects, which was the highest percentage in
A majority of homeowners are planning to make home improvements in the coming months, a slight uptick from a year ago.
LightStream, the online lending division of financial services company Truist, commissioned a survey of 1,300 homeowners to find out whether home renovations were in their near future. Not only are more homeowners expecting to make improvements than last year, but they are willing to spend more money to do so this year.
More than three-fourths of respondents — 77% — said they plan to make renovations this year, up from 73% in 2019. The average amount homeowners plan to spend on the improvements is $11,473 — up 27% from the $9,006.60 homeowners, on average, expected to spend last year.
The increase in home improvements — and the money spent on them — is being led by millennials, defined by Pew Research as those between the ages of 24 and
This article was originally published on ETFTrends.com.
By Brian Lesko, All Things Finance
If you are a homeowner or thinking about becoming one, then there may be some major projects or renovations that you’d like to do. These could be expensive such as a kitchen or bathroom remodel or an addition. If you are planning on financing such an endeavor, then one of the more common things to do is to pull equity out of your house in the form of a loan or refinance and then use the funds for your project.
But what if you don’t have enough equity in your home to do this? Or, what if you simply don’t want to tap your home’s equity? Thankfully, you have a few options. Let’s look at a few of the most common.
An unsecured loan is a loan that is not backed by any collateral
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