How to Afford a Home Improvement Project

Home improvement

Home improvement is a large industry that includes the retail sale of building materials, appliances, decor, and more, as well as contractors and tradespeople who help with renovations and improvements. It’s grown quickly in recent years, especially during the COVID-19 pandemic.

According to real estate data provider Houzz, remodeling is a top priority for many homeowners this year. That’s likely due to rising material costs and historically high mortgage rates that have deterred people from buying a new home. Many people are instead choosing to renovate their current one to make it better fit their lifestyle and needs.

There are many different types of home improvement projects, and some have a better return on investment than others. The best way to figure out what kinds of renovations will add value to your home is to consult reports and indexes on design trends, as well as to consult local real estate agents about what improvements are most desirable in your area.

The first step to making sure you can afford a home improvement project is to ensure that you have enough money set aside in savings or investments. Reyes says it’s also important to avoid putting all of your renovation costs on credit cards, as this can be very dangerous and lead to a lot of debt that you may not be able to pay off. He recommends creating a budget for the project and using software tools like Floorplanner to create mock-ups of the layout. It’s also a good idea to create a savings account specifically for the project and set up recurring payments so you can pay off the balance over time without going into debt.

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