
One of the best things about owning a home is being able to make it your own. From brand new construction to fixer-uppers, people all over the country are doing just that—in fact, 90% of homeowners plan to remodel their homes at some point.
But before you tackle any home improvement projects, you'll need a plan.
These home improvement tips will help you choose the best improvements and devices to bring value to your home now and in the future.
Home improvement
A recent survey found that 61% of homeowners plan to remodel their homes rather than move. There are a number of reasons why homeowners are turning to remodeling versus buying a new home, including:
- Rising home prices. Home values and prices have risen steadily in recent years and are predicted to continue increasing, making it easier for some to renovate rather than move.
- Desire to stay in their area. This is particularly true of people who have lived in their home for at least six years.
- Feeling empowered. Thanks to the many DIY and home improvement shows on TV, a record number of people are heading to their local home improvement stores to tackle their own home improvement projects.
Whether you want to save money, stay in a neighborhood you love, or just try your hand at a DIY project, home improvement can transform your current home into a modern dream home.
Paying for home improvements
If you’re planning to remodel, costs are usually at the forefront of everyone’s mind. There are a number of ways you can finance your home improvement projects, including:
- Cash or savings. Many people (between 50 and 75%, according to one report) use their savings to finance their projects. The more expensive the project, however, the more likely people are to use other financing options.
- Home improvement loans. For people buying fixer-uppers, this also includes mortgage loans that roll in the cost of improvements and repairs to the amount financed.
- Financing from home improvement stores. Many national home improvement stores will finance projects like kitchen and bath remodels, breaking the cost into monthly payments, usually with interest.
- Home equity line of credit (HELOC). Some homeowners also tap into their home’s equity to pay for remodeling costs through this specific line of credit.
Creating a budget will help you determine the best way to fund your home improvements as well as prioritize your projects.