Home improvement is a process of renovating, remodeling, or improving your home. Improvements are usually made to improve the appearance of your home and may also increase its value. Some improvements include adding an addition to your home, repairing or resurfacing a porch or driveway, installing a deck, or upgrading your electrical system. You can choose to do any one of these projects alone or have them done by a professional.
A recent survey of consumers conducted by Minneapolis marketing firm Axiom asked them to share their current and future plans for home improvement. According to the results, 40 percent of survey respondents plan to start a home improvement project in March or April of 2021, and 85 percent plan to begin the first half of the year. Most of the surveyed consumers also planned to increase the amount of time they spent on projects in 2021.
The survey found that the most popular categories of home improvement were outdoor work, such as extending a deck, building a patio, and putting up a fence. Another top improvement includes a new front door. Regardless of the type of project you plan to do, be sure to follow proper safety practices. In particular, make sure that your home improvement plan is designed to benefit your overall quality of life.
The survey also found that many homeowners plan to hire a professional for all or part of their project. Of the survey’s participants, 56 percent said they would use a contractor for all or part of their project, while 16 percent planned to do it on their own. If you are planning to hire a contractor, be sure to check their references. Also, make sure that the contractor is insured.
Home improvement loans are a good option for homeowners with the cash on hand to pay for renovations. However, these loans are often more costly than personal loans and can take a longer time to get approved. Because of this, homeowners should always shop around. Ideally, they should find a lender that offers a loan with a low interest rate.
Home equity loans are essentially a second mortgage. They require a minimum of 20% equity in your home. These types of loans are also available in a variety of forms, including unsecured and secured. For example, you can get a loan for up to 85% of your home’s value. Using these loans, you can pay for expensive repairs, refinance your existing mortgage, or consolidate debts.
Home improvement has become more popular in recent years. In fact, the number of people building decks has more than tripled in the last four years. Moreover, the number of homeowners who are hiring landscapers has more than doubled.
According to the Harvard Joint Center for Housing Studies, the peak of the home remodeling market is expected to come in the first half of the year. Although inflation and rising mortgage rates are taking a toll on remodeling, home improvement remains a welcome investment.