Spring is for Home Improvements

There’s nothing like a new pool or kitchen remodel to make your house truly your home. Or, perhaps you want to upgrade your landscaping or put solar on the roof. But what’s the best way to finance a big home improvement project?  

If you’re thinking about a home-improvement project, you are not alone. Fifty-eight percent of U.S. homeowners are planning home improvement projects in 2018, according to the fifth-annual LightStream Home Improvement Survey.

Most homeowners are not thinking small. 
Forty-five percent plan to spend $5,000 or more on their projects (an all-time survey high). And the percentage of people planning to spend $35,000 or more doubled from 2017.

How homeowners pay for improvements.
Big projects call for smart financial management. So how is everyone paying for their home improvements? According to data from the LightStream survey respondents chose one or more of the following options: 
• 62% are relying on savings 
• 30% are putting their projects on credit cards 
• 13% are using home equity lines of credit (HELOCs) 
• 9% are using home improvement loans (up 29% from 2017)

What’s the best way to pay?
When you want to preserve your savings (and your home equity too) a home improvement loan might be worth a look. The interest on a loan may well be less than on a credit card. Plus, there are the advantages of speed and simplicity. Applying can take just minutes and homeowners could have the money in their account as soon as the same day.

Whatever your home improvement dreams, look over all your options and choose the one that suits your finances best. To learn more about LightStream and same day funding, click here.

SunTrust Bank is an Equal Housing Lender.