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60% of Homeowners Planning for Home Improvements

For homeowners who are stuck in their home due to negative equity or a lack of inventory, summer home improvement projects are way to make the most out of current surroundings, according to Seattle-based ""Zillow"":http://www.zillow.com/.

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In a recent survey from ""Zillow Digs"":http://www.zillow.com/digs/, 60 percent of respondents said they are planning a home improvement project this summer.

Out of the different age groups, younger homeowners (18-to-34-year-olds) were more likely to plan a home improvement project for the summer, with 71 percent falling into this category.

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On the other hand, 51 percent of homeowners aged 55 and older said they were planning a project, while 61 percent of owners aged 35 to 54 said they are making plans as well.

Homeowners with children were also more like to plan a project, with 65 percent of households with children planning a summer home improvement project compared to 57 percent for households without children.

The median budget for homeowners who are planning projects was $1,200, though owners with children and those 54 years of age and younger plan to spend a bit more, with a median of $1,500.

Households without children and owners 55 and older plan to spend a median of $1,000
Of the home improvement project, the largest share of owners who are taking on projects were focused on outdoor spaces, at 40 percent, while bathroom projects were the second most popular, at 17 percent.

To get ideas for projects, online sources were the most frequently utilized, with 37 percent turning to the web for inspiration. When broken down by age group, 53 percent of younger homeowners said online sources are their main starting point for ideas.

About Author: Esther Cho

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