Home improvement is the process of renovating your home to make it more comfortable and attractive. It is also a way to improve your resale value.
In addition to improving the look of your house, a good renovation can make your home more energy-efficient, saving you money on your utility bills. The process of home improvement can include everything from exterior projects like painting to interior ones, such as updating light fixtures.
The cost of home improvement projects can vary greatly. On average, a DIY project costs $2,500, while a professional job will cost $6,350.
A major factor in how much you can spend on your remodeling projects is inflation. However, there are other economic factors that can affect your spending. One of the biggest is the current economy.
If you’re planning a big project, consider refinancing your mortgage to get extra cash to cover the expenses. Your lender is interested in seeing your home’s value increase over time, so they’re likely to approve your loan.
You can use a home equity line of credit to get cash for your projects. Be sure to compare the pros and cons of each option. Also, do your homework before applying for a home improvement loan.
According to the American Housing Survey, American homeowners spent more than $500 billion on home improvements over the past two years. That’s an increase from $300 billion a decade ago. And the number of projects is expected to rise even further.