Modernize.com recently surveyed more than 3,100 homeowners about how they plan to pay for upcoming roofing, siding, window, HVAC, and solar projects. Survey responses include the following highlights:
Expected financing for home renovations
While most respondents plan to pay for home improvements in cash, loans and credit cards will be used by nearly as many people.
- Cash/Check: 41.66%
- Financing/Loan: 29.63%
- Other: 15.37%
- Credit Card: 13.34%
Loan option preferences
For respondents who indicated they would pursue financing/obtaining a loan, more than 25% hope to obtain financing through their contractor.
- A loan through my contractor: 25.33%
- Personal loan: 13.09%
- Home equity loan: 7.39%
- Home equity line of credit (HELOC): 6.30%
- FHA or VA loan: 4.24%
Finance research timing
Those planning to finance were asked about when they will begin researching their financing options.
- After meeting with contractors/after learning more about project cost: 33.48%
- After choosing a contractor for my project: 18.55%
- Before meeting with contractors/I already started researching: 13.27%
“It’s paramount to compare three to four contractor quotes ahead of your project to find the best contractor, price, and financing options,” advises Gregg Hicks, vice president of Modernize.com.
