Regions Next Step Survey Finds Americans are Increasingly Prioritizing Renovations to Boost Home Value
01 Giugno 2022 - 3:00PM
Business Wire
During National Homeownership Month, Regions Next Step is
helping people navigate renovation financing and providing free
resources for all stages of homeownership
Regions Bank on Wednesday announced the results of a new
homeownership survey that finds an increasing number of people are
remodeling their homes in an effort to raise its value. This comes
as the homebuying market remains very competitive, with some people
choosing to upgrade their current homes rather than look for a new
house.
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During National Homeownership Month,
Regions Next Step, the bank’s no-cost financial education program,
is helping people navigate renovation financing and providing free
resources for all stages of homeownership. (Graphic: Business
Wire)
June is National Homeownership Month, and the survey was
conducted by Regions Next Step, the bank’s no-cost financial
education program that serves people of all ages, regardless of
whether they bank with Regions. According to the survey, almost
half (48%) of U.S. homeowners say they are likely to make updates
to their current home in an effort to increase its value in the
coming year. This figure is up seven percent compared to this time
last year.
Additionally, younger homeowners are most enthusiastic about
taking on a renovation or remodeling project. Seventy percent of
those between the ages of 18 and 34 are likely to make updates
compared with 52% of those ages 35-54 and 40% of those ages
55+.
As Americans increasingly renovate their homes, understanding
how to tap into home equity to finance projects is on the rise.
According to the survey, 42% feel knowledgeable about these
financing options compared with 38% of respondents who felt in the
know about using their home’s equity last year.
“Even in a competitive housing market, people still have a lot
of options, including using their home’s equity to support a
renovation or expansion of their current home,” said Michelle
Walters, head of Mortgage Production at Regions Bank. “Our mortgage
and branch-banking teams work with homeowners one-on-one to talk
about their options and create a financial roadmap toward achieving
their goals. Whether it’s a renovation – or a new home purchase –
we find that it pays to consult with a financial professional and
identify the choices that are best for your needs.”
Additional key findings of the survey include:
- Renters are looking to the future; almost one in three (30%)
plan to buy a home in the next 12 months.
- Finances are the biggest barriers to homeownership. Thirty-one
percent cited finding an affordable home and another 31% noted
saving enough money for a down payment as the biggest financial
barriers. Of respondents aged 18-34, 41% cited finding an
affordable home and 39% noted saving enough money for a down
payment as their top barriers.
- Forty-five percent of Americans feel knowledgeable about the
overall homebuying process. They also feel more knowledgeable about
conventional mortgages (45%) than government backed mortgages (36%)
or first-time homebuyer programs (30%).
As part of National Homeownership Month, Regions Bank is
highlighting free resources that are available year-round to help
homeowners and homebuyers understand and navigate the intricacies
of owning a home. This includes a series of new homeownership
courses available in the expanded Next Step library of resources.
These courses explore the different types of loans and mortgages,
mortgage relief options, helpful tips on establishing and
maintaining strong credit, and the importance of credit to your
overall financial health.
“As people plan for and create dream homes, picking out new
appliances and decorating may be the easiest part of the process.
Choosing the right financing options to help make their vision a
reality can be a bit more delicate to navigate,” said Joye Hehn,
Next Step financial education manager for Regions. “Regions is
committed to providing free tools and resources that can help guide
homebuyers and homeowners through the financial decisions that fit
their needs and goals.”
Self-paced Next Step courses are accessible via a mobile device,
tablet or desktop computer. Additionally, as part of Regions’
Weekly Webinar Series, people can register for an upcoming session
of ‘Your Road to Homeownership,’ which dives into the risks,
responsibilities and rewards that come with homeownership. The full
schedule is available here, and new dates are added regularly.
Regions Next Step recommends the following for people who are
considering a renovation or remodel:
- Create a Renovation Budget: Having a comprehensive budget is
important for any remodel. Have several contractors bid on a
project before selecting one, and then work with the contractor to
budget materials, labor, and extra costs such as permits. Always
set aside an extra 10% for cost overruns (e.g., unexpected fees and
expenses).
- Weigh all Financing Options: Work with a trusted financial
professional to help achieve your remodel goals, and discuss the
financing options that are best for your needs. Some options to
consider include a renovation/permanent loan, a home equity loan or
line of credit, term loan, and more.
- Calculate the Equity In Your Home: Use an online calculator to
determine the amount of equity available for a home equity loan or
home equity line of credit (HELOC).
For those who are in the market for a new home, Regions Next
Step recommends the following:
- Determine How Much You Can Afford: When buying a home, there is
no magic percentage or total to figure out what people can afford.
However, a Regions home loan calculator is a helpful tool to figure
out how much to borrow. In general, monthly housing costs (mortgage
payments, property taxes, insurance, homeowner association fees)
should total no more than 28% of the monthly gross income.
- Research Mortgage Loan Options: Before starting the mortgage
application process, do your research. There are many different
types of loans – first-time homebuyer, low-down payment mortgage,
fixed rate mortgage, adjustable-rate mortgage (ARM), FHA, VA &
USDA fixed rate mortgages, and more. Things to look for include
fixed rate vs. variable interest rates, down payment requirements,
and monthly payments.
For more, visit Regions.com/NextStepHomeownership.
The Regions Next Step omnibus survey questions were part of a
national online survey that took place between March 23-24, 2022.
The survey reached 1,075 U.S. adults. The results are weighted and
are representative of all U.S. adults (18+).
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $164 billion in
assets, is a member of the S&P 500 Index and is one of the
nation’s largest full-service providers of consumer and commercial
banking, wealth management, and mortgage products and services.
Regions serves customers across the South, Midwest and Texas, and
through its subsidiary, Regions Bank, operates approximately 1,300
banking offices and more than 2,000 ATMs. Regions Bank is an Equal
Housing Lender and Member FDIC. Additional information about
Regions and its full line of products and services can be found at
www.regions.com.
About Regions Next Step®
Regions Next Step is the financial education program from
Regions Bank, offering a free collection of action-oriented tips,
tools and resources. Next Step is designed to simplify financial
topics, help people of all ages and business of varying sizes stay
on track and meet financial goals. Resources are available online,
in-person, virtually, and in English and Spanish. In 2021, Next
Step provided financial education to more than 1.4 million people
across the company’s footprint, delivered approximately 124,000
financial wellness workshops, received 2.4 million financial
education content page views and associates completed 7,000
financial education volunteer hours. Additional information and
resources are available at Regions.com/NextStep.
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Jennifer Elmore Regions Bank (334) 240-1220
Regions News Online: regions.doingmoretoday.com Regions News on
Twitter: @RegionsNews
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