If you’re in the market for a new kitchen, bathroom, or deck, you’re not alone! The number of Americans planning to begin a home improvement project this year is increasing. In a recent survey by Axiom Research, more than 40 percent of homeowners say they plan to begin their first project in March. Another 24 percent plan to begin their first project in the first two months of 2021. Of course, these numbers are only indicative; only six percent say they have no plans at all. In addition, a large percentage of survey respondents aged 19-55 say they plan to do a project themselves. Of the respondents age 56 and older, however, fewer are doing so.
Cost of projects
The cost of home improvement projects is on the rise in the United States. According to a recent survey, Americans spent over $450 billion on home improvement projects from 2015 to 2017. These projects ranged from gutting kitchens to adding a backyard shed or home security system. Some homeowners scraped together savings to pay for unexpected repairs and some used home equity loans to remodel their homes. And the projects varied greatly based on the city and neighborhood in which they were performed.
Home improvement projects are expensive because the materials and labor aren’t always cheap. Although the COVID-19 pandemic has led to a spike in home improvement costs, the home improvement industry is still growing and earning huge profits. Increasing wages and the growing demand for sustainable products have all contributed to the escalation in the cost of home improvement projects.
Qualifying for a loan
If you’re planning to improve your home, a home improvement loan can help you finance the project. These loans typically require fair or excellent credit, but the requirements will differ from lender to lender. For example, a home equity loan requires a credit score of 660 or higher. A personal loan, on the other hand, requires a credit score of 585 or higher. You can get a free credit score check at WalletHub, which compares lenders.
To find a loan, start by gathering all the information and documents you’ll need to apply for a loan. This includes your Social Security number and proof of income. It’s also a good idea to look online for lenders who specialize in home improvement loans. This way, you’ll have an idea of which lenders might be best suited for your needs.
Finding a contractor
One of the best ways to find a contractor for home improvement is to ask people you know for a referral. This is an easy and efficient way to find a contractor that you can trust. The people you ask should be reliable, and they will be able to provide you with information about the contractor’s work and experience.
Another good way to find a contractor is by reading reviews of their past work. You can also look for people who have had similar projects to yours. It’s best to choose a contractor who has experience working on houses like yours. After all, a contractor who has experience working in modern condos may not be the best choice for a historic brownstone. But while you can check for positive reviews, you should also keep in mind that reviews do not guarantee quality or authenticity.