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Cash Is King
Survey Finds that Almost 90 Percent of Renovators in 2014 Used Cash

Eighty seven percent of house renovations in 2014, about half of which were outdoor projects, were paid for in part or in whole with cash or check.

When it comes to collecting fees for work performed, who doesn't prefer cash or check over credit? The 2015 Houzz Overview of U.S. Renovation, Custom Building and Decorating in 2014 reported that 87 percent of homeowners who had renovations done (50% of those were outdoor projects) tapped into personal savings or finances to pay for part or all of the costs.

Those who used credit cards to pay for part or all only amounted to 25 percent. And in a sign of the continued price being paid for the home equity bust a few years back, home equity and other loans were only used nine percent of the time.

The younger the person the more likely though that they used credit cards. Millennial homeowners, age 25-34, used credit more frequently, 32 percent, than other age groups. Respondents between the ages of 35-44 pulled out a card 28 percent of the time; those 45-54 did so in one quarter of incidences; the 55-64 group were close behind at 23 percent; the oldest generation kept it to 21 percent.

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November 13, 2019, 7:24 pm PDT

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