Home improvement is an excellent investment for a variety of reasons. It helps to increase the value of your property and improve the quality of life for your family. However, it’s important to do your research before you start a project. For instance, the definition of “home improvement” differs from state to state. Generally, you must make sure that your project will give you a high return on your investment. The cost of materials is not tax-deductible. A personal loan is a better option for longer-term projects.
Some homeowners are opting to DIY their home improvements. Others plan to hire a professional for the project. Whatever the choice, make sure that you have a written contract that includes the details of your project. This could include a timeline and a payment schedule. You’ll also want to verify your contractor’s insurance and references.
The Harvard Joint Center for Housing Studies predicts a big jump in home remodeling at the beginning of the year. However, many home improvement retailers are off their highs of last year. This means that the competition is fierce in the industry.
Axiom, a Minneapolis marketing firm, recently conducted a survey of consumers to determine their home improvement plans for the next two years. According to their findings, most consumers plan to work on outdoor areas. This includes repairing and improving their backyards, decks, and patios. Some even plan to build a new patio.
The Axiom survey also asked consumers about the accomplishments they have made in their home improvement projects. For example, a majority of respondents stated that they have installed an automatic fire alarm system, replaced a broken paver, or repainted the exterior of their homes.
While you may be planning to do your own home improvement project, the Axiom survey revealed that you should consider hiring a professional. For example, a home owner who wants to add a bathroom should hire a licensed plumber. The same goes for adding a bedroom or other room. The cost of these home upgrades will vary based on your needs. The cost of a new roof or siding depends on the materials and labor used.
The Axiom survey found that the most popular home improvement was landscaping. While the majority of respondents say that they are planning to spend more time on their projects in the coming year, most intend to hire a professional for the job. This is a good indication that the home improvement industry is healthy.
In addition to the Axiom survey, a recent Zillow survey found that a large portion of homeowners are planning to undertake a home improvement project in the coming year. For instance, 44 percent of surveyors said that they plan to engage in a more complex project in 2021.
The home improvement industry is robust and is expected to continue to grow. For that reason, it’s a good idea to do your research and find a lender who can meet your needs.