Majority of American Homeowners Expect to Spend Money on Home Renovations in the Next Five Years
- Eighty percent of homeowners intend to make cosmetic changes to their homes
- Almost half of homeowners intend to make their homes more energy-efficient
- More than half of homeowners expect to pay for home renovations with savings
CHICAGO, ILLINOIS--(Marketwired - Oct. 14, 2015) - Most American homeowners say they expect to spend money on updates to their home in the next five years, according to the 2015 BMO Harris Bank Homebuyers Report. The report states that 80 percent plan to make cosmetic changes and 45 percent plan to make their home more energy efficient.
The research, conducted by Pollara, also found that:
- More than half of homeowners (53 percent) plan to make changes to the exterior of their homes; 25 percent plan to enlarge their home or put on an addition; 62 percent plan to remodel their kitchen or bathroom; and 26 percent will refinish their basement.
- Most American homeowners plan to pay for these renovations with savings (58 percent), while 18 percent plan to pay with a credit card and 17 percent plan to use a home-equity loan or line of credit.
"Homeowners considering investing in renovations or energy-efficiency upgrades can use a home-equity loan or line of credit to fund their projects," said Alex Dousmanis-Curtis, Group Head, U.S. Retail and Business Banking, BMO Harris Bank. "A home-equity loan or line of credit can be an ideal way to access funds for renovations or energy-efficient upgrades to your home."
The report also states that many homeowners have already made a variety of green or energy-efficient improvements to their home, including investing in energy-efficient light bulbs (68 percent), installing programmable thermostats (36 percent), purchasing energy efficient appliances (45 percent), installing energy efficient windows (27 percent), upgrading HVAC systems (26 percent) or improving insulations (24 percent).
To learn more about financing your home renovations and for other financial tips visit Your Financial Life.
The survey results cited in the BMO Harris 2015 Home Buying Report, conducted by Pollara, are compiled from a random sample of 2500 Americans 18 years of age and over between January 23rd and February 9th, 2015. A probability sample of this size would yield results accurate to ± 1.96 per cent, 19 times out of 20.
About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking products and solutions through more than 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. For more information about BMO Harris Bank, go to the company fact sheet. Banking products and services are subject to bank or credit approval. BMO Harris Bank N.A., Member FDIC. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with approximately 1,600 branches, and CDN $672 billion in assets (as of July 31, 2015).