The Home improvement industry is growing rapidly. The market is driven by a large number of players that include home renovation contractors, retailers and mortgage companies. Home improvement is a great way to increase the value of your home and enhance its beauty. You can finance your home improvement projects through a credit card or by taking out a loan from a bank. In most cases, the interest rates on these loans are lower than unsecured loans. You can also apply for a home equity line of credit (HELOC), which is a revolving line of credit based on the amount of your mortgage.
Home improvements are a popular pastime for many homeowners. The TV schedule is stuffed to the rafters with shows like Fixer Upper and This Old House, and a quick trip through a home goods store will reveal a wide array of options for upgrading your living space. However, it’s important to consider how your home improvement plans might affect the future resale value of your property.
According to NerdWallet, a majority of homeowners plan on tackling some form of a home improvement project in the next two years. Of those, most aren’t planning to make the changes specifically for potential buyers, but rather to increase their enjoyment with and satisfaction with their homes. This can be as simple as a new front door or a well-maintained yard. More ambitious home improvements like a full bathroom remodel, on the other hand, may be less likely to appeal to prospective home buyers and could cost more than they are worth.