Whether you’re looking to make a few updates to your home or are planning to sell your house, making home improvements can help increase the value of your property. There are several factors to consider before deciding on a project, including how much you plan to spend, how long the project will take, and how your new improvements will impact the overall quality of life in your home.
Having a personal loan or a home equity line of credit can help you finance a home improvement project. Alternatively, you can refinance your mortgage to cover the costs of a home improvement. These loans can be a good option if you have good credit and are planning to keep your home for several years. But before applying, make sure you understand all of the terms and conditions. Some loans have a fixed monthly payment, while others have a higher interest rate. You may also have to pay closing costs, origination fees, or other fees.
Axiom, a marketing company in Minneapolis, surveyed DIYers about their home improvement projects for the coming year. The survey asked respondents about their plans for the coming year, and what they’ve done to improve their homes in the past. Among those surveyed, 40 percent plan to start their first home improvement project in the month of March, with another 24 percent starting in the first two months of the year. In fact, the average home improvement spending was the highest it’s been in seven years.
The Axiom survey found that consumers are most likely to undertake projects that involve the outdoors or decks. Other potential projects include painting, remodeling, and fixing up a patio. Interestingly, 44 percent of respondents said that they planned to undertake more complicated projects in 2021. But while this is a positive sign for the industry, the market is also becoming more competitive.
The entry of private labels and new vendors into the home improvement market has increased the amount of competition. The major vendors are competing on premiumization, differentiation, and pricing.
Customers are looking for professional, reliable, and trustworthy home improvement companies. When selecting a contractor, consider how many years of experience he has. Look for a company that is licensed, bonded, insured, and has a good record with the Better Business Bureau. If you can, request references from previous clients. The more satisfied a customer is with a contractor, the more likely he will work with him again.
Some of the biggest home improvement retailers have seen their share of the market shrink this year. However, the majority of homeowners still intend to hire a contractor for some work. The key is to find a contractor who will do a good job for a fair price.
While you’re looking for a home improvement contractor, be sure to check with the local Better Business Bureau to find out whether the company is a member of the organization. You also want to see how long the company has been in business. The more experienced a contractor is, the more satisfying the results.