The Home improvement industry has become one of the fastest growing sectors of the American economy. The home improvement business includes the sale of building materials, appliances, decor, and services by tradespeople. However, in recent years, the entry of private labels and omni-retail strategies has increased competition.
According to a survey conducted by Minneapolis marketing firm Axiom, home improvement is expected to grow at a steady pace in the coming years. While only 6% of homeowners have not yet planned any home improvement projects for their homes, most are planning to hire a contractor to carry out their project. Among those who plan to work on their home, the most common category of home improvement involves exterior or backyard work.
Home improvements can be a great way to increase the value of your home. If you already have enough equity in your home, a home equity loan can help finance your project. If you don’t have enough equity, you might want to consider a more affordable FHA loan. You may also wish to explore personal loans for your home improvement project. Personal loans offer flexible repayment options for those with good credit. These loans often have higher interest rates, but can offer lower rates than other types of financing.
As part of your home improvement project, it’s a good idea to make sure you’re working with a licensed contractor. Make sure you check out their references and insurance. In addition, you should set up a payment schedule for your project.
According to the Zillow survey, 72% of homeowners have a home improvement project on their to-do list for the year 2022. Of those respondents, 40% plan to start their project in March and another 24 percent plan to do so in the first two months.
Homeowners should also make sure their project will add value to their home. For example, if your home has a basement or an attic that is not finished, finish it to add living space and resale value. Another home improvement project that can add value to your home is a bathroom remodel. When your bathroom is renovated, it’s likely to attract more buyers.
A home improvement plan should have a high return on investment (ROI). For instance, insulating an attic has an average ROI of 117%. It can also be helpful to use a home improvement credit card to finance the cost of a new appliance or paint job.
Aside from making your home more attractive, it can also help you improve the safety of your home. One way to improve the safety of your home is by installing fire and smoke alarms. Also, if your home is old, it may be in need of a remodel to comply with residential building codes.
Whether you are working on a small or large home improvement project, it’s important to find a trustworthy contractor. To ensure you’re working with a reputable company, ask friends and neighbors about their experiences.