Demand for space increases
Three-in-five homeowners (60%) wish they had more space in their homes. Younger generations are more likely to wish they had more personal space in their home (63% of Gen Z vs. 71% of Millennials vs. 64% of Gen X vs. 47% of Boomers).
More specifically, homeowners’ biggest home frustrations due to space include lacking fitness space (39%) and lacking room for recreational activities (32%).
Repairs lead the way
The top reason for home improvement plans in 2021 is to make repairs (46%). Homeowners plan to spend money on kitchen remodels (38%), outdoor (35%), bathroom remodels (32%) and technology (30%) in 2021.
Millennials homeowners are planning big
Over half (51%) of Millennials have home improvement plans for 2021. 47% of Millennials are focused on large-scale plans compared to 2020; 49% plan to spend $10,000 or more on home improvement projects this year.
Millennials and Gen X are also more likely than Boomers to say they’re frustrated with lacking a home office or private workspace.
Payment strategies for renovations
Of those that plan to use a credit card to pay for home improvements, 43% expect it to take six months or more to pay off their HI expenses. One out of five homeowners doesn’t know how long it’ll take them to pay off their HI expenses on their credit card.
With the financial uncertainty many homeowners face due to the pandemic, some homeowners want to protect their emergency savings and avoid sky-high credit card interest rates that may continue to climb.
Take advantage of a great discount‡
Through SwimmingPool.com, you qualify for an additional .50 percentage points discount‡ off LightStream’s already low rates. You won’t have to deal with hidden fees, prepayment penalties, or home equity requirements- just low rates and funds from $5,000 to $100,000.
You can use your funds from your LightStream loan for practically any project on your to-do list. You can get:
- Competitive, low rates
- Flexible repayment terms
- No staged funding
- A fast, easy online application
- Award-winning customer service
We’re happy to help and are dedicated to helping you get the financing you need. Learn more at www.swimmingpool.com/LightStream.
DISCLOSURES:
*All loans are subject to credit approval by LightStream. If approved, APR will be based on loan purpose, amount, term and your credit profile. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
** *Source: Ketchum Analytics, partnering with survey vendor Ipsos, surveyed 1,300 nationally representative homeowners about their home improvement plans. Fielded February 4-17, 2021 with a 95% confidence and a margin of error of +/- 3%.
‡Discount of .50 percentage points is for a new LightStream loan referred online through SwimmingPool.com/LightStream. Borrower must apply directly through this website, and with cookies activated on their browser, in order for this offer to be tracked and valid.
Truist Bank is an Equal Housing Lender. © 2021 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. Lending services provided by Truist Bank.
