Home Improvement Trends for 2010 and 2021
Home improvement is a term that refers to work done to repair, renovate or upgrade a residential building. Improvements can include painting, remodeling, installing new fixtures, adding insulation, and making additions. The purpose of home improvements is to improve the value of a home. Some examples of home improvement projects include replacing doors and windows, installing new siding, and installing a new driveway.
The latest survey by the Harvard Joint Center for Housing Studies predicts that home improvement spending will rise in the beginning of the year. However, a slower pace is expected throughout the year. For example, in the first half of 2021, 85 percent of homeowners plan to begin a home improvement project. This is down from the 93 percent who planned to start a project in the first two months of 2010.
Angi, a company that tracks the home improvement industry, is predicting that the average cost of a home improvement project will be up 7%. That’s the highest figure it’s tracked since it started tracking seven years ago. Most of the increase in the cost of a project is due to higher prices on materials. In fact, the price of materials for a single project is up 400% from pre-pandemic levels.
It’s important to make sure you hire a reputable and licensed contractor for your home improvement project. You can look for contractors by checking references and checking their insurance coverage. If you don’t find a good one, you could end up with a big problem later.
There are a number of different types of loans you can choose from to finance your home improvement project. One type of loan you might be interested in is a home equity loan, which is essentially a second mortgage. These loans are typically secured by your home, so you will need to repay the loan over a period of up to five or 30 years. Another option is a personal loan, which doesn’t require collateral. Personal loans can be an excellent alternative for people with a good to excellent credit rating.
As for the most popular categories, most consumers will be working on their outdoor areas. About a quarter will be fixing up a deck, while another third will be putting up a fence. Other common projects are renovating a bathroom or kitchen, remodeling the basement, and repairing or replacing windows.
Of the respondents who are planning on a home improvement project in the next three years, 56 percent intend to use a professional to complete all or part of the project. Of those, 57 percent are planning to do it themselves.
With the economy in turmoil, homeowners are looking to increase the value of their homes. And the cost of a home improvement project can be tax deductible in some cases. While some improvements are only deductible in the year the home is sold, others are tax deductible in the year the home is purchased.
While it is important to find a reputable, qualified contractor, it is also important to check the qualifications of a contractor’s subcontractor. In some counties, it is unlawful to engage in “home improvement” without a license. Those who do will be required to pay fines that range from $500 to $5,000.