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Many Homeowners Plan Summer Improvements

Posted on Friday, June 21, 2013 at 4:18:59 PM

More than half of American homeowners will invest in home improvements this summer.

Currently, an estimated 25 percent of homeowners owe more on their home than what it is worth, according to a Zillow Digs Summer Home Improvement Trend and Spending Survey. This has inspired many people to focus on home improvement financing, instead of looking to sell their current property.

"As we head into the long days of summer, we are seeing increased interest in outdoor spaces with very natural elements such as stone fireplaces, as well as bringing more light into bathrooms with clear glass on the walls and shower enclosures," said Zillow Digs trend expert Cynthia Nowak.

The survey discovered that most homeowners plan on spending around $1,200, mostly on outdoor spaces and bathrooms. Of all home owners surveyed, 60 percent said they intend to do a home improvement. These renovations are typically done with the goal of increasing home equity. 

The younger the home owner the more likely they are to begin home improvements, and most say they intend to do three or more fixes over the summer, according to the survey. People under the age of 55 years old, usually with children, plan to spend more money than older home owners without children.

If you are looking to renovate your house this summer, home improvement financing can be made easier by contacting Home Loan Investment Bank.