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Survey: Nearly two-thirds of homeowners plan to renovate in 2011

Posted On Tue, March 29, 2011

If the results of a recent survey are accurate, more homeowners will renovate their houses this year, but the improvements likely won't be extravagant.

According to a recent poll conducted by American Express, 64 percent of homeowners said they will save money for home improvements this year, up from 62 percent in 2010. Interestingly, however, they plan on updating their dwellings for no more than $3,400, which is almost half of what respondents expected to pay for renovations last year.

"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 manager for a division of American Express.

One way homeowners may be saving money is by doing the remodeling on their own, as 64 percent said at least some of the renovations would be done themselves.

Another savings measure may come through home insurance premiums, as insurers will sometimes decrease a homeowner's rates after being made aware of the renovations and having them evaluated. Bankrate.com recently cited home improvements as one of the best ways families can save money in home insurance costs.

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