Stimulus Check? You May Want to Invest It in Your Home

More than 1,200 homeowners were recently surveyed about their plans for using their anticipated stimulus funds from the recently passed $1.9 trillion American Rescue Plan. More than half expect to apply some or all of their stimulus checks to upcoming home improvement projects.

Approximately 1,270 homeowners exploring HVAC, solar power, windows, roofing and exterior siding projects were asked whether or not they expect to put stimulus funds to use on their upcoming projects in the survey conducted by home improvement and home services provider According to the results, 37.7% of respondents said they will definitely use their check on a home project, and 19.4% expect to put part of their check to use on home improvement.

The majority of respondents exploring roofing and window projects indicated that stimulus funds will go toward the cost of that work:
  • 82.8% of those with roofing projects expect to use stimulus funds to help cover the cost
  • 69.9% of those considering window replacement jobs are likely to tap into their stimulus check
According to a survey from Morning Consult, many also plan to use their stimulus funds to add to their savings and to pay off debt. Sixty percent of high-income earners expressed an intent to save their funds compared to 45% and 33% of middle and low-income earners.

Keep in mind that funds invested in most home improvement and remodeling projects also represent a form of savings as they can help build equity in your home. In today’s seller’s market, should you decide to list your home, this could yield a significant return on your investment.

Copyright© 2021 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission.