As mortgage rates are locking homeowners in their current houses, many are investing in renovations rather than moving.
A new survey from LendingTree found that 68% of homeowners started or completed a home improvement project in the last 12 months, while 63% plan to begin one in the next year.
Interior painting, landscaping, and bathroom remodeling are the most common projects, but homeowners have diverse reasons for renovating. Of the more than 2,000 respondents, 36% say they need the repairs because their house is aging, 27% say their improvements are relatively small, and 21% say they want to spruce up their home to sell.
Millennials homeowners are poised to take on the most DIY, with 78% engaged in renovation in…
The Community Home Lenders of America and National Association of REALTORS sent a letter to the Federal Housing Administration offering advice on the 203(k) loan program.
Section 203(k) insurance enables allows homebuyers to pay for both a house and the cost of its renovation through a single mortgage. It applies to refinances as well, so long as the home is more than a year old and the repairs cost at least $5,000.
Both organizations applauded the program, saying the loans “create an opportunity for low to moderate income and first-time buyers to participate in homeownership by facilitating the financing of homes in need of rehabilitation.”
There are 16 million vacant homes in the U.S., many of which are uninhabitable due…
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…
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:…
