BIRMINGHAM, AL — An increasing number of people are remodeling their home in an effort to raise the value of the dwelling, according to a new nationwide homeownership survey.
According to the survey, conducted in late March by Regions Next Step, nearly half (48%) of more than 1,000 surveyed U.S. homeowners say they are likely to make updates to their current home in an effort to increase its value in the coming year. That figure is up 7% compared to the same time last year, according to Regions Next Step, the financial education arm of Birmingham, AL-based Regions Bank.
The survey also found that younger homeowners are most enthusiastic about taking on a renovation or remodeling project, researchers said, noting that 70% of those between the ages of 18 and 34 are likely to make updates compared with 52% of those ages 35-54 and 40% of those ages 55+.
Additional findings of the survey include:
n Renters are looking to the future, with almost one in three (30%) planning to buy a home in the next 12 months.
n Finances are the biggest barriers to homeownership. Thirty-one percent of those surveyed cited finding an affordable home, and another 31% noted saving enough money for a down payment as the biggest financial barriers. Of respondents aged 18-34, 41% cited finding an affordable home and 39% noted saving enough money for a down payment as their top barriers.