Home improvement is the process of remodeling, repairing, or adding to a home. It includes a variety of tasks including painting, landscaping, and repairing walls and roofs. There are many reasons why homeowners might undertake a home improvement project, from boosting the livability of a home to making a safety improvement. But before embarking on a home improvement project, make sure you know what your options are and how to choose a contractor. Whether you want to paint your house or add a garage, you should make a plan that will not only pay for itself, but also improve your quality of life.
For example, a new front door is a cost-effective way to increase the beauty of your home. If you are planning to sell, you might consider installing marble flooring or other expensive upgrades, but potential buyers are likely to balk at those price tags. Instead, you should focus on a series of upgrades that will appeal to a broad audience.
A recent survey by Minneapolis marketing firm Axiom found that a growing percentage of consumers are working on home improvement projects. In fact, nearly one quarter of respondents intend to start a project in the next year. The survey asked people to describe their last few projects and their accomplishments.
While some respondents were planning multiple projects, a majority of them were simply hiring professional services for a single project. Among those planning to hire professionals, a higher proportion intend to take on more complicated projects than they did last year.
When deciding on a home improvement project, keep in mind that your improvements should not only enhance the aesthetics of your home, but also increase its resale value. Many home improvement projects can actually hurt the resale value of your home. This is especially true if you are selling your home in the near future.
According to Angi, the average spending on a home improvement project reached its highest point since the company began tracking the data seven years ago. That is good news for professionals, who should see their business continue to grow.
However, inflation is taking a toll on the remodeling market. About 11 percent of homeowners are holding off on a home improvement project due to shortages of materials or products. Also, rising mortgage rates are affecting consumers.
Most homeowners plan to have a project begin in the first half of 2021. Some will start in March, while others will be a few months later. Meanwhile, a growing number of people are also hiring landscapers. As more people turn to this type of service, the demand for it has increased dramatically.
For those who are interested in home improvement, there are a variety of financing options. While credit cards can be a good option, personal loans may be a more convenient solution for those with good credit. Credit cards often offer introductory 0% APR periods, which can be a great opportunity to get a new kitchen or appliance.