Home improvement can include everything from small improvements that make a house look spruced up to full-scale remodels that can cost thousands of dollars. But the key is to know what you want and to do your homework before you begin any project.
What Homeowners Are Planning for 2023
More than one-quarter of homeowners surveyed by NerdWallet say they plan to do home improvement projects in the next two years, and almost all of them aren’t targeting potential buyers. Rather, they’re focusing on making their homes more comfortable and feeling satisfied with them.
What They’re Spending on Their Improvements
Homeowner spending on home repair and improvement doubled during the two-year period covered by the 2021 American Housing Survey. The doubling is due to both higher inflation and the fact that many homeowners are cash-strapped, so they’re looking to save money by making updates that reduce energy costs.
What They’re Hiring for Their Projects
In the survey, more than one-quarter of responders said they planned to hire contractors for their upcoming renovations. They were most likely to hire for projects outside the home, such as landscaping and yard work, and building a deck or patio.
What They’re Doing with Their Funds
Some homeowners may use a personal loan to pay for their home improvements. This type of financing may charge higher interest rates, but it can be a good choice for people with excellent credit who want the flexibility to make payments on their own terms.