Types of Home Improvement
Home improvement is an activity that enables people to enhance the functionality of their home, and also improve its aesthetic appearance. It may include repairing, painting, and installing security devices. But there are more than a few types of home improvement projects that you can choose from.
Homeowners spend billions of dollars each year on home improvement projects. The majority of them hire out some of the work. If you’re planning to do some remodeling, it’s important to be sure you’re hiring a qualified contractor. Many counties and states require a license, and fines for working without one range from $500 to $5,000.
One of the most popular types of improvements involves the outdoor area. The number of homeowners who plan to fix their deck or build a new patio has increased dramatically over the past several years. A survey conducted by Minneapolis-based marketing firm Axiom showed that consumers were most likely to undertake such work in the next year.
Another type of home improvement is a major renovation, such as a complete overhaul of a kitchen or bathroom. While this type of project might make your house more appealing to potential buyers, it won’t help you get more money for it when it comes time to sell.
In addition, a recent study from the Harvard Joint Center for Housing Studies found that home remodeling spending will peak in the near future. However, the study also predicted that the rate of growth will slow, resulting in a sustainable growth level.
Other categories that have seen a boost in popularity are landscaping and interior upgrades. According to the survey, landscapers are among the most commonly hired home improvement professionals.
Home improvement credit cards are available to give you a small line of credit, which you can use to purchase materials. The interest rates for these loans can be high, so it’s important to shop around. Alternatively, you can take out a personal loan. Personal loans have higher interest rates, but you don’t have to put collateral on the loan. These loans can be used for college expenses, as well as to pay for a variety of other needs.
You can also borrow against your home equity. The amount can be as high as 85% of your home’s value, but you can only repay the loan over five to 30 years. This type of loan has a fixed monthly payment and is typically secured by a second mortgage.
If you’re considering a major home improvement project, it’s important to have a detailed plan. By adding all the necessary details to your plans, you’ll be able to make the most of the process. Having a solid plan can reduce your costs and increase the value of your home.
Using a home improvement credit card can be a convenient way to finance your project, but be sure you don’t skimp on your project. Remember to check out your contractor’s references before signing any contracts.