A home improvement project is a renovation, alteration, or maintenance activity to a residence. It can include painting, roofing, siding, refinishing, adding rooms, remodeling, or improving a backyard. Home improvement may be done for aesthetic reasons, to increase the home’s resale value, or to improve a family’s living environment.
One of the most popular home improvement projects is building a new front door. New front doors are inexpensive and are an effective way to increase the home’s aesthetics. However, homeowners are putting up fences and decks at an unprecedented rate, and landscaping is one of the more popular home improvement categories.
The most common reason homeowners do a home improvement project is to make the home more comfortable. According to the survey, 54% of respondents said they are doing a project to improve the comfort level of their home. In addition, 33% said they were doing it to improve safety. Another 20% are doing it to add or renovate a bathroom.
As the economy continues to stabilize, many home owners are considering the same types of home improvements. One in five homeowners are planning to spend more than $7,500 on home improvements in the next two years. Those numbers are higher than previous surveys have reported.
For home improvement enthusiasts, it’s no surprise that the most popular projects involve exterior work. A new front door, deck, and fence are among the top-rated projects. But what about interior work? Painting and refinishing worn areas of a house are also popular home improvement activities.
However, the most important benefit of a home improvement project is increased home value. More than half of all home improvement projects are paid for with cash. If a homeowner is looking for a loan to pay for a home improvement project, the lender looks favorably on a loan application that contains a solid estimate of the total project cost and the required cash.
On the other hand, it’s easy to get into a debt trap with a home improvement loan. Many lenders offer 0% interest for 15 to 21 months, which can help reduce the burden of a home improvement loan.
However, it’s important to choose a contractor wisely. Be sure to check references and verify their license, insurance, and insurance policy. This is especially important if you’re borrowing a large amount of money for a home improvement project.
While it’s not exactly the most expensive home improvement project, the average professional job costs $6,350. That’s nearly four times more than the next most expensive project. When it comes to deciding on a home improvement project, make sure to do your homework and consider all your options.
With the right financing and planning, a home improvement project can improve your quality of life and enhance your home’s resale value. Make the most of your investment with upgrades that will appeal to a wide variety of potential buyers.
For example, a kitchen remodel may be a good investment for a mid-range home. However, if you have a high-end home, it’s likely that a more expensive upgrade will be more profitable than a modest one.