The Home Improvement industry represents a significant portion of the world economy. It includes the sale of building materials and tradespeople, as well as sale of decor and appliances.
A survey conducted by Minneapolis-based marketing firm Axiom found that consumers are planning more home improvement projects in 2021 than last year. More than half of respondents said they plan to hire a professional for all or part of their projects.
While home improvements don’t have to cost a lot of money, they can add real value to your home. Whether you’re looking to sell your house or you simply want to make your home look better, there are many affordable ways to improve your home’s value.
One of the best ways to start a home improvement project is to use a credit card that offers 0% introductory APR on purchases. Many of these cards offer rewards programs to help cover your expenses. If you have a more expensive project in mind, you might also consider applying for a home equity loan. You’ll need at least 20% of the purchase price in equity to qualify.
Another option is to refinance your mortgage to pay for your home improvements. This is the fastest way to get started on your project, but it’s also not a good choice if you have no equity.
Although home remodeling retailers have seen their sales rise in recent years, inflation is taking a bite out of their business. In addition, the entry of private labels has increased competition.