According to the 2015 BMO Harris Bank Homebuyers Report, most Americans expect to spend money on home upgrades in the next five years. The report further states that 80% plan on cosmetic changes while 45% plan to make their home more energy efficient. About 53% of homeowners plan to make changes to the home exterior while 25% plan to increase space through home extensions. At least 62% plan to remodel their kitchen and/or bathroom while 26% will refinish their basement.
Most American homeowners (58%) expect to pay for home improvements through their savings while 18% plan to make payments through Credit Card. 17% will be paying through a home equity loan or a line of credit. Homeowners who plan to make their homes more energy efficient will fund the upgrades through home equity loans or line of credit.
According to Alex Dousmanis-Curtis, the head of US Retail and Business Banking, BMO Harris Bank, a home equity loan or line of credit is an ideal way to access funds for home renovations or energy efficient upgrades. Many homeowners have already undertaken a variety of green and energy efficient upgrades that include the following:
- 68% have invested in energy efficient light bulbs
- 36% have installed programmable thermostats
- 45% have purchased energy efficient appliances
- 27% have invested in energy efficient windows
- 26% have upgraded their HVAC systems, and
- 24% have made improvements on their insulations
The survey results were provided by BMO Harris 2015 Home Buying Report and conducted by Pollara. It was compiled from a random sample of 2,500 Americans who were more than 18 years old from the period January 23rd to February 9th 2015. The probability results of a sample this size is expected to yield results with an accuracy of +/-1.96% or 19 times out of 20. BMO Harris Bank provides a range of banking solutions for homeowners who want to improve and upgrade their homes.
If you are planning on home renovations and extension projects from $80,000 to $2 million, renovations Perth has the experience to build extensions, and second story additions that will suit every budget and style.