Home improvement is the process of improving or renovating a home, and it can include anything from painting or wallpapering to installing new flooring or appliances. Many homeowners feel a sense of dissatisfaction with their home, and a desire to make it better. This can lead to a number of different projects, including a kitchen remodel or adding a deck. Regardless of the size of the project, it is important to consider safety when working on home improvements. This includes wearing protective gear, following instructions from the manufacturer, and using only qualified professionals.
According to recent industry reports, the home renovation market has been surging. In fact, the National Association of Realtors (NAR) 2022 Remodeling Impact Report found that a majority of homeowners plan to remodel or upgrade their homes. The NAR also reported that most of the upgrades will have a positive effect on resale value. However, there are certain projects that can actually decrease resale value and may turn off potential buyers. For example, a custom recording studio may not appeal to young families looking for an affordable home.
The NAR report also showed that high inflation has made it difficult for homeowners to afford big-ticket home renovations, especially when interest rates are already rising. For this reason, many homeowners will focus on smaller projects that are easier to budget for. For instance, re-grouting tile, power washing the driveway, or even painting are easy to do and can add significant value to a home.
Those who are unable to afford a DIY home improvement project may want to consider a personal loan. These loans are designed to help consumers cover the cost of a home improvement and are typically approved for borrowers with good credit. However, the best rates are reserved for those with excellent credit. Those with poor credit should shop around for the best rate and ensure they receive accurate quotes from contractors before making any decisions.
Another way to pay for home improvement projects is by refinancing a mortgage. Refinancing a mortgage allows the borrower to take out a larger amount of money, usually up to 100 percent of the original loan. This can be used to cover the costs of a home renovation, but it must be paid back within the loan term.
Anyone who grew up watching the hit sitcom Home Improvement knows that Tim Allen’s character, the Tool Man, hosted a TV show called “Tool Time.” This DIY home improvement show featured Tim and his co-host, Al Borland, tackling a number of DIY projects in front of a live audience. Often, the shows would end with humorous mishaps or bloopers. The series was filmed on the Walt Disney Studios lot. To this day, a look at the back of Sid’s tool box will reveal the logo for Binford, Tool Time’s sponsor.