Home improvement is a common activity among homeowners and one that can help increase the value of your house. There are several types of home improvements that you can do to your house, including repainting, refinishing wood floors, installing new fixtures, or even adding an addition. These activities will increase your home’s value and make it a more pleasant place to live. However, it is important to know how much each project will cost before beginning any work. If you are not prepared, you may end up spending more than you should on your home improvement projects.
After a pandemic-era renovation frenzy, Americans seem to be slowing down — but not stopping — their plans to upgrade their homes. The nation’s two largest home improvement retailers reported this week that their customers are putting the brakes on more ambitious, expensive renovation projects and focusing instead on smaller, cheaper do-it-yourself fixes.
This slowdown in ambitious upgrades could be a reflection of uncertainty about the economic outlook and possible impact of rising interest rates, according to industry experts. It also may be a result of the fact that most families have already spent their budgets on major renovations during the past two years.
Regardless of the reason, many homeowners are still committed to improving their homes in 2022. The latest LightStream survey of home improvement trends found that 84% of homeowners who had completed a project said it made their homes more enjoyable to spend time in, and 69% of them said their upgrades increased the value of their residences. The most popular projects that homeowners are undertaking include refreshing shower areas, laying new tile, adding vanities and toilets, installing countertops, and replacing fixtures.
In terms of outdoor renovations, deck construction is up by 275%, and the number of homeowners hiring landscapers to build fences has doubled. Nevertheless, not all home improvement projects will add value to your home. Some improvements might actually detract from your home’s value if they are too customized, go beyond the tastes of most buyers, or are out of line with the style and values of the neighborhood.
If you’re planning to renovate your house in the future, it’s important to think about how each project will affect your long-term plans for the property. Taking the time to plan carefully can help you avoid overspending or going into debt during the project.
It’s also a good idea to compare the different loan options available for your home improvement project. Loan terms, APRs, fees, and features like the ability to add a cosigner can vary widely from lender to lender. Choose a lender that offers the options that fit your needs and budget. This will ensure that you’re able to afford the necessary materials and labor for your home improvement project. This will allow you to complete the project without compromising on your long-term financial goals.