Some young consumers who own a home may be seeking out their options regarding a property renovation. This is due to a spike in popularity of this activity in recent months. If a person plans on taking advantage of this option, it may be a good idea to ensure their financial strategy is in good shape.
Close to six in 10 homeowners are interested in making an addition to their property, or even just renovating it, according to a report from Zillow. This may be due to a multitude of factors, but affordability compared to purchasing another home may be a prevailing reason.
Young people were the most interested in making a change to their current property. The report noted that of those between the ages of 18 and 34, more than 70 percent plan on making some sort of home alteration this summer. Nearly two-thirds of those families with children plan on making a change, while more than 55 percent of those without will switch their home up, as well.
Many consumers are also planning on spending a notable amount of money on their property. The report added that the median price for planned additions was $1,200 this summer. Younger people were aiming to spend as much as $1,500.
Younger homeowners may want to ensure their budgeting strategy is sound when making these changes. A report from PricewaterhouseCoopers noted that savings is a problem for many young people, as more than 35 percent of those between the ages of 21 and 34 are worried about their ability to retire.
However, by taking further care of their finances, many young people may be able to improve their chances of retirement, as well as help strengthen their current financial prospects.