Home improvement is a process that can help you enhance your home’s appearance and functionality. It can include improvements such as painting, landscaping, repairing, and more. These projects are done to increase the value of your home, so make sure you have a plan in place before you begin. You may need to use a contractor for some aspects of the project, so be sure to check their credentials and insurance.
According to the Home Improvement Consumer Survey conducted by Axiom, a Minneapolis marketing firm, about half of consumers plan to hire a professional for all or part of their projects. They also reported that the most common projects were outdoor areas, like a deck or patio. And the most popular cost range for projects was between $1,000 and $2,500.
The survey also showed that homeowners were planning to start their first 2021 project in March. Eighty-five percent of them said they will start in the first half of the year, and 23 percent plan to begin in the first two months.
While the survey found that home improvements had increased, prices for materials have risen dramatically over the past few years. In fact, materials costs have increased 400% since the start of the pandemic.
In order to avoid getting into a financial jam, you need to create a budget and stick to it. You can do this by making a list of the items you want to improve. After you have a rough idea of what you need, look up your state’s home improvement regulations and determine whether you need a professional to complete the work.
The Axiom survey also asked respondents about their recent projects. About eight percent of them said they planned to do more complicated jobs, while a third of them were working on simple projects. Those in the older age groups were a bit more likely to be working on more complex projects, like remodeling their kitchen.
If you plan to sell your home in the future, be wary of the effects your home improvements will have on its resale value. Potential buyers will not pay for upgrades such as marble floors in the bathroom, and a backyard paradise might not add value to your property. Instead, invest in upgrades that appeal to a wider audience.
When it comes to choosing a contractor, be sure to find a reputable company that has a good reputation and references. Also, check whether there are any liens or judgments against them.
A home equity line of credit can also be a good option. This type of loan can be used for both minor and major renovations. However, be aware that the interest rate is often higher than personal loans. As with any form of financing, it is a good idea to thoroughly evaluate your options before you apply.
Several companies are offering introductory 0% APR periods for up to a year. If you can afford to repay your project in a short period, this can be a good alternative to a more traditional loan.