Summertime is not only the ideal period for homebuying, but for home renovating as well! We typically tend to have more free time to carry out the smaller projects we’ve been putting off all year long, along with an abundance of help in the forms of relatives, friends, neighbors and older children who can assist as well. The added daylight and three-day weekends make these projects even easier to execute before we all get back to school and back to the grind.
Summer is also a great time to hire assistance for those larger projects. Many seasonally employed professionals, including teachers and retail associates, seek out extra work that emphasizes their other given talents during the slow season. These renovations can be valuable for many reasons. A client may be getting ready to put their home on the market. Or they may simply want to check off a few fixer-upper projects that have been lingering too long. Some may have agreed to host the holidays, or simply want to enjoy peace of mind that their added hard work and money will one day enhance the investment they’ve come to love so much.
The annual Hearth Home Renovation Survey notes renovations are a top priority for many homeowners. The top 10 states where surveyed homeowners intended to begin a renovation in the next year included:
- Hawaii (33%)
- Kansas (32%)
- Montana (29%)
- Rhode Island (29%)
- New Hampshire (24%)
- Utah (24%)
- Michigan (22%)
- Connecticut (21%)
- Missouri (21%)
- Maine (21%)
Now, the method of financing these renovations is worth noting as well. Most homeowners surveyed said they’d prefer to fund their renovations through savings or cash, but a full 26 percent would opt to take out a loan. This is the population of people we need to target, and this is the population of people we’d like to see grow.
We know that investing in a home can be extremely worthwhile. Let’s make sure these diligent homeowners know all the options available to them that utilize both new and existing sources of financing.