A new survey has revealed that most homeowners still value their properties and are willing to spend a lot of cash to make them more attractive despite the financial hardships that many Americans are experiencing nowadays.

An online poll conducted by credit card company American Express showed that 62% of the 2,000 homeowners surveyed are considering renovating their homes to improve their look and boost their value. “Americans’ most prized possessions are their homes and they are committed to continuing to enhance their appearance and value in spite of the softer real estate market,” American Express senior vice-president and general manager Pamela Codispoti said.

About 85% of homeowners regard their home as their most valuable asset and most of them plan to spend an average of $6,200 on improvements this year despite the sluggish economy. The more affluent homeowners, on the other hand, are willing to shell out around $11,500 just to ensure that their properties are in tip-top shape, the survey also found.

While most property owners are doing their best to drive up the value of their homes, many of them are still not ready to part with their properties this year. According to the American Express study, 53% of survey participants are likely to sell their houses in two years’ time, when the real estate market starts acting favorably towards home sellers. They believe that if they are going to sell their houses now, there is a high probability that they won’t get the price they are asking for.

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