In the United States, nearly half of homes were built before 1980 and 38% were built before 1970. With the median age of homes on the rise, it makes sense to upgrade or redo these properties. According to the Joint Center for Housing Studies, a strong housing market and rising home values encourage spending on remodeling projects. Rising home values also provide homeowners with the assurance that they can afford the projects. Whether the projects involve re-decorating or replacing a window, homeowners are sure to find inspiration in these trends.
Read more: How to Finance Home Improvement
Today, a variety of big-box stores are making DIY easy. DIYers can paint a room or replace an outdated sink. Some stores offer classes and workshops for newcomers to home improvement. Home Depot also carries a huge inventory of materials from contractors’ supply houses. Some of these stores even rent tools and equipment. However, these expenses can stretch a household’s budget. Fortunately, many people are choosing to take advantage of the current low interest rates to complete their home improvements themselves.
When it comes to the costs, you should budget for about 10 percent more than you think you’ll spend on the renovation. You can negotiate the price with contractors and ask them to reduce the labor costs. Make sure to develop a long-term relationship with your contractor so you can get more discounts from him or her. Home improvement projects can add value to your home and attract future buyers. But there are certain things you should keep in mind before you begin any project.
