Homeowners stay home for holidays and renovate

Rhea-AI Summary

Modernize.com conducted a survey of 5,000 homeowners between September and October 2020, revealing that 76% will forgo travel this holiday season, with 28% focusing on exterior renovations and 17% on both interior and exterior projects. Almost half of homeowners may redirect funds typically spent on travel towards home improvements. Spending plans include 41% intending to spend less than $1,000, while 31% will allocate between $1,001 and $5,000. The survey highlights the potential for increased home renovation financing options as many homeowners will need additional funds for their projects.

Positive

• 76% of homeowners plan to forgo travel for renovations.
• 28% intend to pursue exterior home improvements.
• 41% of respondents plan to spend less than $1,000 on renovations.

Negative

• Homeowners shifting budgets from travel may indicate reduced discretionary spending.

FOSTER CITY, Calif., Nov. 18, 2020 /PRNewswire/ -- Modernize.com, a leader in the home improvement and home services industry, releases results from a recent survey of 5,000 homeowners conducted between September and October, 2020. The findings show:

• 76% of respondents will not travel this holiday season
• 28% will pursue exterior home improvement projects
• 17% will pursue both interior and exterior home renovation projects

Survey responses suggest that nearly half of homeowners may apply funds to home improvement projects that might ordinarily be spent on holiday travel. See the complete results: Home improvement for the holidays

Home renovation spending planned

• 41% plan to spend less than $1,000 
• 31% plan to spend between $1,001 and $5,000
• 16% plan to spend between $5,001 and $10,000
• 6% plan to spend between $10,001 and $15,000
• 5% plan to spend more than $15,000 

"While our survey shows that almost 40% of homeowners plan to pay for their improvement projects with cash, the remainder will seek financing to cover the costs," observes, Cassie Morien, homeowner insights analyst for Modernize.com. "Fortunately, there are a range of options for financing home renovations, ranging from home equity lines of credit to personal loans to credit cards."

Morien is available to elaborate on the most recent homeowner survey and can discuss options for financing home improvement projects.

About Modernize.com
For more than 15 years, Modernize has been a leader in the home improvement and services industry, connecting homeowners with contractors and other home services professionals. Modernize operates in more than 15 high-value, high-consideration home segments, including new and replacement windows, solar installation, roofing, heating and air conditioning, siding, bathrooms and kitchens, new and replacement gutters, home security, and others. The business brings a network of more than 1,000 contractors and professionals across all segments, offering broad geographical coverage and choice for homeowners.

Modernize is owned and operated by QuinStreet, Inc. (Nasdaq: QNST), a leader in providing performance marketplace technologies and services to the FinTech, financial services and home services industries. QuinStreet is a pioneer in delivering online marketplace solutions to match searchers with brands in digital media. The company is committed to providing consumers with the information and tools they need to research, find and select the products and brands that meet their needs. Modernize is a member of QuinStreet's expert research and publishing division.

Company Contact:
Jacqueline Leppla
Senior Director of Public Relations
QuinStreet, Inc.
Direct +1 775 321 3608
Email jleppla@quinstreet.com
LinkedIn

Twitter: https://twitter.com/ModernizePros
Facebook: https://www.facebook.com/modernizepros

View original content to download multimedia:http://www.prnewswire.com/news-releases/homeowners-stay-home-for-holidays-and-renovate-301175344.html

SOURCE Modernize.com

FAQ

What percentage of homeowners will not travel for the holidays according to the Modernize survey?

76% of homeowners will not travel this holiday season.

According to Modernize, what are the most popular home improvement projects planned by homeowners?

28% will pursue exterior home improvement projects, and 17% will undertake both interior and exterior renovations.

How much do homeowners plan to spend on home renovations as revealed in the Modernize survey?

41% plan to spend less than $1,000, while 31% plan to allocate between $1,001 and $5,000.

What financing options do homeowners have for home improvement projects?

Homeowners may use cash or seek financing options such as home equity lines of credit, personal loans, or credit cards.

What does the Modernize survey suggest about homeowner spending habits during the holiday season?

The survey suggests that nearly half of homeowners might apply funds typically spent on holiday travel towards home improvement projects.