In this age of rising home prices, homeowners should consider home improvement. If done correctly, it can increase the value of the property. However, if done poorly, it could detract from the value of the house and may make it harder to sell. In any case, homeowners should be careful about their plan and ensure that the renovations pay off.
One of the most common ways to improve the value of the house is to install a new front door. This is a relatively low-cost, and simple way to give your house a fresh look. You can also make a big difference with small interior design updates. A new color scheme or a few stains can spruce up an otherwise plain furniture piece.
The number of homeowners planning to undertake a home improvement project in 2021 is increasing. According to an Axiom survey, 57 percent of respondents aged 19 to 55 said that they would do their own project. The Axiom report also surveyed consumers about their recent projects, accomplishments and plans.
As many as 44 percent of the surveyors said that they planned to embark on more complex projects in 2021. Among these projects, homeowners are most likely to work on the outdoor area. A deck or patio is a popular choice. Another popular choice is to replace rotting boards on the exterior of the home.
Some projects are more expensive than others. For example, adding a bathroom to your home can cost thousands of dollars. While it might increase the overall value of your home, prospective buyers might not be willing to pay for it. It can also be a turnoff to young families looking for a house.
If you are planning a big project, you can consider a home equity loan. These loans are secured by the value of your home, so you can borrow up to 85% of its value. In addition, you can use a home equity line of credit to finance your upgrades. For long-term medical or educational expenses, you can qualify for a personal loan.
For a less costly upgrade, you can use a home improvement credit card. These cards have introductory 0% APR periods of up to 12 months. In some cases, you can take advantage of cash back rewards. You can also choose to pay off your debt with a mortgage refinance.
Despite the growing popularity of home improvements, the market is still very competitive. Competition is intensified due to the rise of private labels, which compete on pricing and differentiation. A home improvement store can provide you with quality products and know-how for any remodeling or decorating project.
Whether you’re planning a simple painting job or a major kitchen renovation, it’s a good idea to do your homework before committing to a major investment. Choosing a reputable contractor is important, and you should verify that he has a good track record and insurance. If possible, you should choose to do your home improvement projects with a personal loan rather than a home equity loan.