During the frenetic housing market of the past two years, many buyers settled on a property in less-than-perfect condition in order to secure a home. Others decided to stay put and focused on updating their current home to better meet their needs and lifestyles. Either way, home renovations are on the horizon for many.
However, according to a recent survey, more than six in 10 new homeowners are delaying necessary repairs since purchasing their home, citing lack of available capital or cash to cover the costs.
According to a recent survey of 2,000 homeowners commissioned by Figure Lending and conducted by market research company OnePoll, 57% of homeowners intended to use savings for home repairs and upgrades; 68% of those surveyed would consider instead using a home equity line of credit (HELOC), but 61% said they don’t know how to tap equity in their homes to finance repairs and upgrades. With home equity at an all-time high for most, many homeowners have the option of borrowing money using a HELOC at favorable costs.
In the survey conducted by OnePoll, seven in 10 homeowners say they would have reconsidered purchasing a home if they knew about all the unexpected costs that come with it. Most of those who purchased homes with low-interest rates during the last couple of years said they wouldn’t have been able to afford them if that wasn’t the case.
DFW Property Management serves property owners and tenants across 85+ cities in Dallas-Fort Worth. Learn more about our services or browse homes for rent.
