- Written by Todd Nelson
Many homeowners are feeling more confident about taking on home remodeling and maintenance projects.
As the housing market continues to improve, many homeowners are feeling more confident about taking on home remodeling and maintenance projects this year. According to its third annual Harris Poll1 survey, LightStream, the national online lending division of SunTrust Bank, found 62 percent of homeowners plan to spend money on home improvement projects, an increase of 9 percent over 2015.
Budgets also have increased from years past. Forty percent of homeowners plan to spend $5,000 or more (up from 36 percent in 2015) and 22 percent plan on spending $10,000 or more (up from 18 percent last year). Overall, projects will average $6,239, compared to $5,037 last year. Moreover, the Leading Indicator of Remodeling Activity (LIRA) released by the Remodeling Futures Program at the Joint Center for Housing Studies (JCHS) of Harvard University2 anticipates annual spending growth for home improvements will accelerate from 4.3 percent in the first quarter of 2016 to 7.6 percent in the third quarter – shattering record numbers set in 2006.