Survey: More than half of homeowners plan improvements in 2014

Atlanta - With consumer confidence and the real estate market on the rise, many homeowners are ready to begin home remodeling or maintenance projects. According to an online survey conducted on behalf of SunTrust Banks Inc. by Harris Poll, 56% of homeowners plan to spend money on home improvement projects this year.

More than a quarter of homeowners (27%) indicated they will invest in an outdoor area such as a patio, deck, pool or landscaping in 2014. Bathroom remodels (17%), home repairs such as a new roof or HVAC systems (16%) and kitchen remodels (11%) were cited next. About 5% of homeowners plan to add square footage, and another 5% intend to complete a basement/attic remodel. Of those who plan to spend money on home improvements this year, 20% plan to spend $10,000 or more, according to the survey.

"People may no longer be as nervous about investing in their homes," said Gary Miller, business head of LightStream, a national online lending division of SunTrust Bank. "With the economy picking up and homes beginning to increase in value, the home improvement loan category has been energized."

Recommended stories

Login or Register to post a comment.