The number of consumers completing home improvement projects increased sharply in the first half of the year. More than two-thirds of respondents in a recent survey said they’re planning to undertake a project at some point during the next year. That’s an improvement on the one-third that were working on projects in 2021.
Most homeowners plan to hire a professional to complete their home renovations. Although some do-it-yourself (DIY) projects are being undertaken, a good percentage are simply putting up a fence or adding a deck. Some of these projects will add to your home’s value. But others may have little impact on your property’s resale.
In addition to increasing your home’s resale value, improvements can also make your home more functional. For example, installing an energy-efficient HVAC system or making a bathroom more user-friendly can help improve your comfort level. Those upgrades will also contribute to your overall quality of life.
Whether you’re interested in making a small home renovation or renovating your whole house, it’s important to do your homework. A well-planned budget can help prevent a costly renovation from falling through. Homeowners should also check their contractor’s credentials. This includes the contractor’s insurance and references.
Another important home improvement strategy is to look into a home equity loan. These loans can help you fund major renovations and modifications to your home. They’re similar to home refinance loans, but they’re backed by your home’s equity. Depending on the lender, you may be able to get an unsecured home loan or a secured loan that uses your home as collateral. Regardless of the financing method, you’ll need to have a good credit score and a solid estimate of how much money you need.
Despite the increase in DIY home improvement projects, the market for home improvement products is still extremely competitive. Major vendors continue to battle for market share, and many are competing on product and pricing differentiation.
A recent survey from the Harvard Joint Center for Housing Studies predicts a decline in home remodeling from its previous peak in the early part of the decade. However, the market is still healthy. According to Angi, home improvement spending rose to an all-time high in the fourth quarter of 2018. While this isn’t the first time the average cost of a home improvement project has reached record levels, it’s still the largest since Angi began tracking the data seven years ago.
Home improvement has become a major focus of consumers. According to a recent Zillow survey, nearly seventy percent of homeowners have a home project on their list for the year 2022. Many of these renovations are in the form of room remodels. Others are for maintenance or safety. Even homeowners who haven’t begun a home renovation project yet plan to start by the middle of the year.
One of the most popular home improvement projects is installing a new front door. Adding a new door to your home is a low-cost way to improve its appearance.