Discover Home Loans

Americans Would Rather Renovate Than Buy A New Home

Posted on by TMN Editor
Inflation is forcing homeowners to put renovations on the back burner, but most would still rather renovate than move. Nearly 60% of respondents to a new survey from Discover Home Loans said they are postponing their renovation projects as projects become more expensive than their budgets. Another 26% will reduce the scope of their projects due to increased costs. But 79% would still rather renovate their current home than purchase a new one. Just under half of respondents said they are no longer interested in buying a home specifically because of rising interest rates. “Our survey results show that homeowners are still looking to invest in their homes, despite higher home improvement costs. With large amounts of existing home equity…

Love It Or List It? Americans Are Renovating Rather Than Moving

Posted on by TMN Editor
By KIMBERLEY HAAS New data shows that 79% of Americans would rather renovate their current home than move to a different one and with $420 billion spent on remodeling projects in 2020 those in the mortgage, real estate, and building industries are taking notice. Discover Home Loans commissioned a national survey of 1,531 homeowners. The independent survey research firm Dynata fielded the first of the online surveys in January and found that nearly four in five people would rather make improvements on their homes than move in the current housing market. The maximum margin of sampling error was +/-3 percentage points with a 95% level of confidence. ​ The top five reasons given for why homeowners would rather renovate are:…