Most Homeowners Use Cash to Finance Home Improvement Projects
Data released this summer from HomeAdvisor shows most homeowners surveyed (almost 58 percent) paid for their last home project with cash. Additionally, 45 percent of the requests nationally were for addition and remodeling projects, such as bathroom and deck renovations.
National trends show that 47 percent of homeowners surveyed said they were more likely to put money into their home now to increase value than they were 12 months ago. Additionally, 78 percent of homeowners are completing home improvement projects to increase their quality of life. Of the cities that data was collected from, Dallas, Texas had the highest percentage of addition and remodeling requests. Results also show an increase in home improvement requests in Dallas, Denver and Boston, with Boston receiving the largest increase of 6.35 percent.
“While maintenance and repair projects lead the requests in numbers, large home improvement projects, such as remodeling a bathroom and building a deck demonstrate homeowner confidence,” said HomeAdvisor CEO Chris Terrill. “Homeowners are investing in their homes to increase value and quality.”
More than half of the projects requested nationally (55 percent) focused on maintenance and repair projects. Top tasks include repairing, installing or replacing electrical switches, and repairing or replacing faucets, fixtures and pipes. Of the cities data was collected from, Sacramento had the highest percentage of repair and maintenance projects requested (54.4 percent).
For interior design trends, the most common style was a transitional style and the most popular room to design was the kitchen. The most common types of countertop and flooring materials were granite and hardwood.