Survey Finds 57% of Homeowners Plan to Use Stimulus Check on Home Improvements—and These are the Top 2 Projects
Stimulus checks are here! Are you one of the many homeowners expecting to spend the $1,400 on renovations?
Now that the American Rescue Plan has cleared Congress and the President, you are closer than ever to receiving a $1,400 stimulus check (if you haven’t already). Many Americans will be using these funds to cover rent or mortgage, utility bills, childcare, and other immediate needs. However, a recent survey by Modernize.com, a website dedicated to providing resources to help individuals with home renovations, found many will be spending it on house upgrades. After asking approximately 1,200 homeowners how they planned to spend this latest check from the government, the website found nearly 60 percent of survey participants intended to use their stimulus money for home improvement projects.
Lots of Time at Home, Lots of Projects to Get Done
It’s no secret that the pandemic has inadvertently spurred a rise in home improvement across the country. Whether it’s to make better use of space for working and learning from home or to increase value for ultimately selling and moving, people are doing projects. And that costs money, even if you do the work yourself.
The latest stimulus check can help cover the expense of home improvements. The survey found 57 percent of the participants expected to use some or all of the $1,400 on upcoming home projects. In fact, 37.7 percent “will definitely” use the full check to cover a project’s costs. Meanwhile, 19.4 percent planned to use “part of their check” on improvements, and 42.9 percent didn’t expect to use any of their check on renovations.
Roofs and Windows Top the List
According to the survey, nearly 1,270 homeowners researching HVAC, solar power, windows, roofing, and exterior siding projects were asked if they expected to use their stimulus money for these home improvements. An 82.8 percent majority of participants expected to use this check to finance their roofing projects. In addition, 69.9 percent were likely to use some of the funds on window replacement.
Since roof replacements are crucial to get done when the need arises and cost thousands of dollars, it makes sense to use this check towards the bill.
“Roof replacements are one of the most important projects homeowners undertake,” Modernize Vice President Gregg Hicks stated in the survey. “Depending on the materials needed, costs can range between $3,200 and $12,500. Stimulus checks can help make the difference in enabling homeowners to complete critical work.”