Whether you’re considering home improvement for your current residence or looking to sell, a home improvement project can be a great way to increase your home’s value. Simple updates can make a big difference in the overall look and feel of your home, and they can be accomplished at a very affordable price.
Using a home equity loan can be a great way to finance a home improvement project. These loans are secured by the borrower’s home, and can be used for a wide variety of purposes, including remodeling, repairs, and debt consolidation. However, these loans are more expensive and time-consuming than personal loans, and you may need to get a large sum of equity before applying. In addition, the interest rate will be higher than a personal loan. It’s also possible to use a home equity line of credit, which allows you to make home improvement purchases on a recurring basis.
If you’re planning a large project, it may be a good idea to consider other home improvement financing options. Some credit cards offer introductory 0% APR periods of up to 12 months. If you’re working with a good credit score, this might be a better option than a home equity loan.
The Axiom survey of consumers reveals that most homeowners plan to do some kind of home improvement this year. About half of those surveyed plan to do at least one project in the first half of 2021, while 40 percent plan to start a home improvement project at the beginning of the year. Of those planning to do a project, the majority are doing some sort of work themselves, while about 6 percent will hire someone to do the work for them.
While it’s important to think about the overall quality of your home improvement project, you should also focus on the return on investment (ROI). The ROI on energy-efficient improvements varies by project, but the average is 117% for insulating an attic.
Homeowners should be prepared to spend up to 85% of their home’s equity on a home improvement project. A home equity loan may be a good choice if you need to upgrade a bathroom or purchase new furniture. It’s a good idea to take into account your long-term financial goals as well as your budget when choosing a home improvement financing option.
The best home improvement contractors are those who have years of experience. This is important because customers tend to seek out experienced firms. They believe older companies can deliver more satisfying results. Ideally, a home improvement contractor should have a good track record with the Better Business Bureau and be licensed or insured.
Many home improvement stores also provide one-stop shops for all your house-related needs. They can help you buy furnishings, paint and other materials, install flooring, and repaint partitions. In addition to offering affordable products, these stores can also help you keep your belongings safe during your renovation.
Axiom surveyed a sample of consumers to learn about their recent home improvement projects and plans for the future. Most of the respondents said they’ll be focusing on outdoor areas. Nearly all of the survey participants plan to renovate at least one outdoor space, with 25 percent preparing to build a patio, deck, or other outdoor area. The survey also found that DIYers are expected to spend more time on their home improvement projects in 2021 than they did last year.