Whether trying to turn a profit, or simply improving home, Gen-Y wants renovations
San Francisco, CA -- (SBWIRE) -- 02/11/2013 -- American Homeowners are more likely to be saving for renovations on their residence than they are to be preparing for any other household item. This trend appears to be particularly true for those in the Generation Y age group, according to a new survey released.
Mortgage provider Loan Market has surveyed its home loan customers, and in doing so has noted that over one-third (37%) of homeowners, while 38% of the Gen-Y category, were currently saving for a major renovation to their house.
Loan Market corporate spokesperson Paul Smith stated it was not surprising that the Gen-Yers have the highest interest in property renovation, as they commonly purchase hopes with the scope of potential attached to them.
"They're often buying smaller units which have undersized or no backyards and are much easier to renovate because of the size of the unit," Mr Smith said on releasing the survey results.
"It can be easier to tackle DIY projects in a smaller space."
Over one-in-five (23%) of those who responded to the survey stated that they were attempting to save for landscaping, while 15% of Gen-Yers had the same aim in mind.
Smith noted that the lending looked at the prospect of home owning as a chance to renovate and up the sales value or the general functionality of an existing household.
At the same time, there were many first-time buyers who purchased with the intent of living in the property for the short time-period to renovate and then attempt to maximize their return.
An 18% of all respondents, and a third of Gen-Yers, were saving for new appliances or furniture, while 22%/15% were saving for retirement.
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