Home improvement is a term used to describe a variety of projects that are aimed at improving a home. These include remodeling, maintenance, repair and construction. Improvements can include siding, doors, windows, garages, basements, bathrooms, security protection devices, built-in appliances and other features.
As the economy continues to recover from the recession, more people are starting to get their homes repaired and upgraded. According to a recent survey by Axiom, a Minneapolis marketing firm, about 90% of consumers will do more home improvement work in 2021 than they did in 2010. The survey also asked consumers about the most recent home improvements they had done.
Homeowners are putting money into their homes for a number of reasons, including safety, energy efficiency and personal preference. Depending on the project, home renovation financing may be needed. Often, the best way to finance a project is by saving up. This will allow you to pay for the renovation without worrying about paying a large credit card bill. However, if your finances don’t allow you to save, you may need to take out a loan.
According to the survey, about one in three homeowners plans to do a home improvement project in March of 2021, with half of those planning to do a project in the first two months of the year. Most homeowners will hire professionals to do their work.
While the number of people who plan to do major home improvements is up, the majority of homeowners are also planning to do minor projects. Many are going to do more than one project, but most will hire a professional for all or part of their work.
Some of the most popular home improvement projects are new front doors, new fences, landscaping and a new deck. Compared to previous years, the number of people installing fences has increased by almost 144% and decks by nearly 275%.
Another home improvement category that has seen a big jump in popularity is at-home entertainment areas. In addition to bars and restaurants, more Americans are focusing on their homes for their entertainment needs.
A new study by Harvard Joint Center for Housing Studies found that home remodeling retailers are experiencing a sharp rise in demand in the past year. Homeowners are planning to spend a record amount on home improvement, but inflation is taking a toll on prices. Increasing mortgage rates are stifling the market.
Home improvement loans are available to help you finance your renovations. You can borrow up to 85% of the value of your home, but you must have at least 20% equity in order to qualify. Loans can also be repaid over a five to thirty year period.
Whether you decide to go the DIY route or hire a professional, you should research the company before signing on the dotted line. Always check the company’s licensing, insurance and references. Also, keep in mind that a large portion of the grey market is comprised of unlicensed companies.