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.