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November 1st, 2007
ReliableRemodeler.com Financing Survey Results
How Are You Planning to Pay For Your Home Improvement Project?
Checking Account
(A) |
Savings Account
(B) |
Financing from an Institution
(C) |
A/B |
A/B/C |
A/C |
| 56% |
21% |
13% |
4% |
1% |
5% |
How Are You Planning to Pay For Your Home Improvement Project?
Separated by Sex
| |
Checking Account
(A) |
Savings Account
(B) |
Financing from an Institution
(C) |
A/B |
A/B/C |
A/C |
| Female |
47% |
18% |
18% |
6% |
2% |
9% |
| Male |
65% |
24% |
7% |
2% |
0% |
2% |
How Are You Planning to Pay For Your Home Improvement Project?
| |
Checking Account
(A) |
Savings Account
(B) |
Financing from an Institution
(C) |
A/B |
A/B/C |
A/C |
| 20-29 |
35% |
35% |
18% |
0% |
0% |
12% |
| 30-39 |
67% |
7% |
16% |
4% |
2% |
4% |
| 40-49 |
45% |
36% |
9% |
5% |
0% |
5% |
| 50-59 |
55% |
27% |
9% |
9% |
0% |
0% |
| 60-69 |
75% |
25% |
0% |
0% |
0% |
0% |
Average term (number of years) of financing: 10.06 years
Average interest rate for those financing: 7.9%
Average term (number of years) of financing by credit card: 2.75 years
Average interest rate for those financing through a credit card: 8.5%
How long do you plan on financing for?
| 1-5 Years |
56% |
| 6-10 Years |
19% |
| 11-15 Years |
0% |
| 16-20 Years |
6% |
| 21-25 Years |
0% |
| 26-30 Years |
19% |
At what rate are you financing?
| 5-5.9% |
9% |
| 6-6.9% |
18% |
| 7-7.9% |
18% |
| 8-8.9% |
28% |
| 9-9.9% |
9% |
| 10-10.9% |
18% |
Who are you financing this project through?
| Credit Card |
50% |
| Bank |
40% |
| Insurance Company |
10% |
Types of Projects Homeowners are Financing
| Custom Homes |
34% |
| Additions |
24% |
| Kitchen Remodel |
12% |
| Window Installation |
12% |
| Basement Renovation |
6% |
| Bathroom Remodel |
6% |
| Other Major Remodeling Projects |
6% |
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