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Majority of homeowners plan to spend on improvements this year

Posted on Monday, February 8, 2016 at 3:05:00 PM

Stock market turmoil hasn't had much effect on homeowners' plans to spend on home improvements in 2016. According to a new Angie's List survey, 79 percent of homeowners expect to spend as much or more on home improvements this year compared to last year. That's good news for contractors and other service providers.

"A majority of our members are gearing up to invest in their homes at the same or greater level than last year," said Angie's List founder Angie Hicks. "We found even greater optimism among service companies, with many of them saying they're already booking more jobs than at this time last year and expect to have a great 2016."

The survey found that millennials plan to spend as much or more on their homes than older generations this year, many of them with the aid of home improvement financing. 

Home improvement projects have continued to make more fiscal sense as an investment over the years. While not every renovation project pays off, Remodeling magazine reported that return on investment increased to 64.4 percent in 2016, up from 62 percent in 2015. With ROI improving, every homeowner should at least be considering a remodel this year.