Three Key Reasons to Do a Home Improvement Project
Home improvement, also known as home renovation or residential remodeling, is the act of improving or modifying a house or dwelling. Home improvement projects can be as simple as painting or re-grouting tile to a complete kitchen or basement remodel. The home improvement industry includes the sale of building materials, appliances and decor to do-it-yourselfers and contractors, builders, tradespeople, designers and architects who help improve or build homes.
Americans love to renovate their homes and this has helped companies such as Home Depot thrive in recent years. However, the pandemic has slowed down this trend and now many homeowners are questioning whether or not to invest in their homes. There are three key reasons why you might consider doing a home renovation project:
Renovating your home can add to its resale value. This is especially important if you plan on selling your home in the future and want to get the maximum amount of money for it. However, you should always talk to a real estate agent before deciding what improvements are worth the cost and which ones will not add much value.
One reason to do a home improvement project is to make your home more enjoyable for you and your family. You may also be able to save money on energy bills and increase your home’s security by upgrading your locks or adding an alarm system. Another benefit of doing home improvement projects is that they can increase your confidence and sense of accomplishment.
The most popular home improvement projects include sparkling bathroom overhauls and kitchen remodels. These are great investments because they often return more than the initial investment. However, some projects, such as basement or attic renovations, only provide a moderate return on investment.
There are a number of financing options available to help pay for your home improvement project. According to the American Housing Survey, cash from savings covers most projects, but more expensive projects are paid for by sources such as cash-out refinancing, home equity loans and contractor arranged financing. Finally, 6% of respondents reported that they were paying for their home improvement projects with “something else,” which likely includes personal loans, borrowing from friends and family or credit cards.
While it is tempting to start a new project during the pandemic, you should first discuss your plans with your financial advisor. If you are interested in a particular improvement, it is also wise to contact a local home renovation expert and ask them about the costs involved with the project.
The most important thing to remember when planning a home improvement project is that it should be something you’re happy with and enjoy. This way, you’ll be able to enjoy it for as long as you own your home. It’s also a good idea to consult with a real estate agent before beginning any major renovations so you can be sure that they will add value and appeal to your home. By following these tips, you can ensure that your next home improvement project is a success.