Home improvement is a general term that describes any renovation, remodeling, or repairs made to improve the appearance or functionality of a house or dwelling. The improvements can be to the interior or exterior of the house, or to the landscaping. Typically, homeowners will take on these projects for a variety of reasons: for cosmetic reasons, to make the home more comfortable or functional, or to increase its resale value.
According to the 2022 LightStream Home Improvement Trends Survey, a majority of homeowners have invested in home improvement projects since the start of the pandemic. However, homeowners are now more cautious about spending big money on major upgrades. This may be due to rising prices, concerns over inflation, or even the prospect of a recession. Regardless of these economic factors, homeowners still intend to work on their homes over the next two years.
Those who are planning to take on projects in the near future say they are primarily interested in making their home more comfortable and enjoyable for themselves, rather than enhancing its appeal to potential buyers. This is in stark contrast to the 2020 LightStream Home Improvement Trends Survey, where 26% of respondents said they took on projects in order to make their home more attractive to prospective buyers.
When it comes to specific improvements, homeowners are most interested in working on their landscaping and upgrading bathrooms. These are both projects that can add significant value to the home and can also be relatively inexpensive to complete. Other popular projects include updating the kitchen, installing new flooring and replacing the windows.
A common mistake that many people make is to begin a project before creating a budget. This can result in them overspending and ultimately going into debt. To avoid this, you should always create a budget before beginning any work and stick to it as closely as possible. It is also important to talk to a financial planner in your area before undertaking any large home improvement project, as they can help you determine which upgrades are most likely to pay off in terms of increased resale value.
One of the most important things that you can do to maximize your home’s resale value is to keep your home up to date with the latest in energy-efficient technologies. This can help you save significantly on your utility bills, and it will also be good for the environment.
If you are thinking about making some home improvements, it is always a good idea to talk to a financial planner first. They can help you determine which upgrades are the most cost-effective and will provide the highest return on investment, so that you can enjoy your home for as long as possible without having to worry about losing it when it comes time to sell. In addition, a financial planner can help you choose the right loan to finance your home improvement project. This will help you get the funds that you need without having to resort to drastic measures like putting your home up for sale or taking on additional debt.