A new front door, new siding, or landscaping can all boost the value of your home. But before you spend money on your next home improvement project, make sure you know what you’re getting into. You should also take the time to compare the different types of loans available. Ideally, you’ll get the best rate on a loan that’s suited to your needs.
According to the Harvard Joint Center for Housing Studies, spending on home improvements will begin to level off in the coming year. This could mean more homeowners looking to DIY projects or hiring professionals to handle the work. However, it may also be an indication that inflation is taking its toll on the home remodeling industry.
The number of DIYers planning to undertake home improvement projects will increase in 2021, a survey found. Axiom, a Minneapolis marketing firm, asked consumers about their home improvement plans for the coming year. Of those surveyed, almost 60 percent said they’d either start or finish at least one project during the first half of the year. Of the remaining respondents, about 40 percent planned to do more than one.
The Axiom survey also found that homeowners plan to invest more time in their projects in the coming year. About 40 percent of surveyors said they’d start working on their next project in March or later. Most respondents plan to do some work themselves, while 16 percent said they’d hire professionals for all or part of their projects. The majority of respondents say they’re looking to upgrade or add to their outdoor areas.
Among the top-ranked improvements are adding a patio, fixing up a deck, and putting up a fence. Twenty-five percent of respondents plan to renovate their existing decks. Other common projects include painting or staining furniture. Other options include cleaning up a dirt buildup on home siding and repairing broken pavers.
Whether you want to do your own home improvements or hire a professional, you should make sure you know what you’re doing. You’ll also need to find out if the project will be tax-deductible. It can be a smart move to pay for some of your upgrades with a mortgage loan. You can often borrow against your home equity, which is considered tax-deductible. Depending on your financial situation, you can even apply for a secured credit card.
In order to get the most value for your home, you should choose upgrades that will appeal to a wide audience. For example, you should spend money on quality upgrades rather than making a huge investment in a kitchen range that potential buyers won’t pay for. You might also want to keep your renovations on par with your neighbors’.
In addition to making your home look better, a variety of home improvement projects can improve safety. For instance, medical equipment can be installed in your home to protect your family and elders. You can also invest in security products, which can help to protect your loved ones.