Home improvement is the process of renovating or remodeling your home. This can include anything from painting the interior and exterior of your home to adding a new bathroom or kitchen. It can also be a great way to make your house more attractive for potential buyers, or even just spruce up your existing space!
How homeowners pay for their renovations:
The majority of home improvement projects over the past two years were paid for with cash, according to the 2021 American Housing Survey. However, some homeowners had to tap into savings, sell items or take on debt.
Among all homeowners, only 42% said they were able to easily pay for the majority of their renovations without tapping into savings or going into debt. This is down from 52% who said the same thing when we asked in 2020.
When considering a renovation, don’t let price be your only factor in choosing a contractor. It’s important to choose someone with the right experience and skill set, as well as a good track record for quality work.
What you get back on your investment:
Getting a return on your renovation can depend on a variety of factors, including the quality of materials used and the value of your home. It may also be impacted by local conditions, such as the value of nearby homes that have been renovated or sold.
Home improvements can be expensive, so it’s wise to know your financial limits before starting a project. Having a budget can help you avoid overspending and keep you on track with your plans.