Home improvement is a great way to increase the comfort of your home. However, it’s important to consider the value of your home before investing too much money in upgrades. A poorly done project can actually reduce the value of your home.
While rock-bottom interest rates and an uncertain housing market have helped drive home improvement spending, it looks as though the spree may be cooling. The latest Leading Indicator of Remodeling Activity released by Harvard University’s Joint Center for Housing Studies of America suggests that remodeling spending will decline this year.
The biggest factor in this slowdown is cost. In our 2023 Monthly Homeowner Activities and Sentiments Tracker, 61% of homeowners who postponed or canceled a planned home improvement or repair identified budget or financial concerns as the primary reason.
Whether you are planning to make a big renovation or just replace worn doorknobs, determining how you will pay for your project is important. The best option is to use cash from savings, but if you haven’t saved enough, you can also try tapping into equity in your home or taking out a personal loan. Just be sure to choose a lender that has a good reputation and low fees or interest charges.
Fans of Home Improvement are in for a treat: Tim Allen, Richard Karn and Casey Sander recently reunited for the TV special Tim Allen Presents: A User’s Guide to Home Improvement (which featured a voice-over by a terminally ill Earl Hindman). This video includes favorite clips, insider’s tips and a Q&A with the audience.
