Home improvement can improve the appearance and function of your home. Whether you’re renovating for personal preference, energy efficiency, or safety, it’s important to make sure your work is done properly. In addition, a well-planned renovation budget can keep your project on track and avoid overspending.
The home remodeling market has seen a surge in recent years. Several major vendors are competing for your business. This includes retailers of building materials, decor, appliances, and tradespeople. It’s also a great opportunity to upgrade your home’s value. However, inflation is taking its toll on the industry.
According to the Axiom survey, more than one-third of survey respondents say they have been doing home improvements in the past year. While many of them are simply making small upgrades, others are doing much more. One in seven are planning to hire a professional to handle all or some of their projects. Those who are planning multiple projects are focusing on exterior renovations, such as repairing decks and patios.
Home improvement loans can be secured by your home, but be sure to carefully examine your loan options. If you’re working with a contractor, check for references and insurance. Personal loans can be a better option for people with good to excellent credit. Also, consider other loan alternatives for long-term projects.
Although more people are planning to do a home improvement project in 2021, the number of homeowners who plan to do nothing at all has jumped by 6 percent. That’s not surprising, considering the high costs of such projects.
Another report from the Harvard Joint Center for Housing Studies predicts a peak in home remodeling in the first half of the year. Despite this, it looks like home improvement is poised to continue to grow in the future. Compared to last year, prices on homes rose by 20%.
The survey asked consumers about their most recent home improvement projects, what they plan to do in the future, and what they’re most proud of. Most homeowners said they are going to do more home improvement projects than they did in the past, and more than 90 percent of DIYers said they are planning to spend more time on their home projects this year.
For homeowners who are interested in improving the value of their home, it’s best to make sure your plans add to the resale value of the house. Keeping your renovations in-line with the needs of the average homeowner can help you sell your house for the best price. Adding an extra bathroom or bedroom is a good way to boost the value of your home. Investing in luxury upgrades isn’t always a good idea, though. Buyers don’t want to pay for a $10,000 kitchen range. Plus, an extra bathtub may not be worth the expense.
There’s no doubt that a home can be improved with a little hard work. By taking the time to research your options, you’ll find it’s a rewarding process that will benefit your family and home.