73% of Owners are Planning Home Improvements in 2020

You’re here because you’re considering a home renovation. And you’re not alone. In fact, you’re now part of the majority. This year, 73% of homeowners say they’re planning home improvement projects - 11% of them planning to spend over $25,000 to make their home fit their lifestyle. Renovation projects have become a lot less intimidating and a lot more popular. But why?

With 59% of homeowners planning to stay in their current residence for 10+ years - or never move at all - here are two main reasons:

1. Homes have never been older

The median age of owner-occupied homes in Pennsylvania is between 48-57 years old, according to the National Association of Home Builders (NAHB). And in some of the Philadelphia area’s most desired neighborhoods, there is no escaping an old home. So now, many homeowners purchasing in these areas are seeing the clear need to update with more contemporary aesthetics and efficiencies in a layout that works for their family.

2. Inventory is at an all-time low

This shortage is true on a national level, and it’s more than just a cycle in the ever-changing housing market, it’s been like this for a while. And when housing inventory is low, prices are unthinkable. In Greater Philadelphia, home values have gone up 5.3% since last year, according to Zillow.

So instead of getting stuck in a bidding war for a new “move-in ready” home, owners are renovating the existing home they’ve outgrown or purchasing a fixer-upper because it often makes the most sense economically.

“This lack of suitable housing inventory has led to a substantial increase in buyers purchasing workable properties or staying in their current homes and adapting by renovating to meet their specific needs,” Eric J. Miller, Re/Max Circle of Legends Agent, explains.

Borrow More With RenoFi

With homeowners renovating more now than ever, the question remains, are they financing these renovations in the smartest way possible? That’s where RenoFi comes in.

Working with RenoFi offers a third reason to tackle that renovation project this year. Since RenoFi Loans use the expected value of your home post-renovation - rather than your home’s current value - it’s possible to finance your entire renovation wishlist at the lowest rate & lowest monthly payment possible.

It’s time to get more for your home so you can get more from your home. Use our loan calculator to see how much you can borrow with a RenoFi Loan, and contact us today to learn more about your options, so you can feel more confident every step of the process.

 

Other information you may be interested in...

  • Before and After: a RenoFi-powered renovation in Malvern - For their major renovation project, Joanne and David discovered a source of funding they had no idea was possible thanks to RenoFi’s connections. With low interest rates and a quick turnaround time, this loan made their renovation dreams happen exactly how they hoped.
  • 4 Simple Steps to Your Renovation with RenoFi - At RenoFi we break the renovation financing process into 4 simple steps that will walk you through the initial phase of getting your renovation off the ground. Here is what you need to know...
  • Which Home Improvements and Renovations Really Pay Off? - No matter what the motivation for your home renovation may be, you’ll want to know that your money is well spent. RenoFi is sharing the improvements that provide the best return on investment (ROI) to increase your home's value.
  • Before and After: a RenoFi-powered renovation in West Chester - With a renovation home equity loan, Justin & Nicki discovered they didn’t have to give up the location they love to get the home they love too. Take a look before renovations begin and hear more of their story in the after renovations follow up!
  • Choosing the Right Contractor for Your Home Renovation - Why does finding the right contractor always feel like the hardest part of a home renovation? Trying to find a professional that’s not only reliable and experienced, but who you feel comfortable welcoming into your home and really understands your vision; the process can be overwhelming. You have a lot of questions, so we’ve got some answers for you. Here’s what you should know when choosing the right contractor for your home renovation.