The annual Houzz & Home survey, which claims to be the largest survey of residential remodeling, building and decorating activity conducted, found that significantly more homeowners that responded are able to fund their remodeling projects this year compared with last year, and 80 percent said they paid for their last remodeling project out of pocket.

The majority of U.S. homeowners who are remodeling plan to stay put for the time being, according to the third annual Houzz & Home survey.

With more than 135,000 respondents in the U.S. among the 190,000 respondents globally, 53 percent of homeowners say they are remodeling to increase the resale value of their home but have no plans to move in the next five years, and just 16 percent plan to sell their home in the next two years.

While homeowners remain cautious about the economy, 74 percent said their local housing market has improved, and there was a significant drop in the percentage of homeowners who said funding their renovation project or staying on budget was a challenge this year: 19 percent versus 27 percent in 2013. Those who report a significantly improved local housing market are more than twice as likely to be planning to remodel than they are to move in the next two years.

Among those planning to remodel, 22 percent feel that prices are rising too fast to consider moving at this time, and 24 percent would prefer to move but say remodeling their home makes more economic sense.

Other Key U.S. Findings:

• From initial research to the start of construction, homeowners spend six months to a year planning for big-ticket renovations.
• Top challenges for homeowners renovating are finding the right products (39 percent), defining their style (28 percent), making decisions with spouse/partner (25 percent) and educating themselves (22 percent).