Home improvement encompasses the sale of building materials, appliances and decor to homeowners, as well as the services provided by contractors and tradespeople. The industry has been stronger than it has been in ten years, and is set to continue growing as people become more self-sufficient and demand greater customization.
Projects & Cost
Most home improvement projects are paid for with cash, but this is not always possible for many homeowners. They may need to tap into savings, exhaust emergency funds or borrow against their equity in their homes.
When it comes to financing home improvements, there are a variety of options available, from home equity loans and second mortgages to rewards cards and 0% introductory APR credit cards. Before you decide on a financing option, it’s important to consider your current mortgage rates, your renovation budget and any other relevant factors.
The most common home issues homeowners have are drafty windows and doors (44%), uneven heating and cooling (35%) and outdated HVAC systems (35%). In 2022, many of these problems will be remedied with projects such as caulking and weather stripping around windows and doors, installing smart thermostats and updating HVAC units.
Homeowners are also putting their money towards projects outside the home, such as building a deck or putting up a fence. Anderson says the increase in outdoor work is likely related to increased risk of hurricanes and other natural disasters, which could lead to property damage and home loss.