4/21/2011 - Nearly two-thirds of homeowners will refurbish their homes this year
Homeowners want the best of both worlds in 2011, as not only do they plan on refurbishing their homes, but they want to save money at the same time.
According to the American Express Spending and Saving Tracker survey , 64 percent of respondents said they plan on renovating their homes this year, up from 62 percent in 2010.
"This year, consumers are spending smart and looking for ways to save when it comes to home renovation," said Pamela Codispoti, executive vice president and general of a division of American Express.
Codispoti noted homeowners' desire for cost-saving because most respondents want to update their homes for no more than $3,400, almost half of what respondents expected to pay in 2010.
The results of the survey may be an indication of U.S. homeowners putting a greater emphasis on saving money. And according to the Insurance Information Institute, home improvements can help people save money on homeowners’ insurance premiums once agents have been made aware of the upgrades. The group says that, depending on the carrier, policyholders can save between 5 and 15 percent on their annual rates for certain upgrades.