How to Finance Your Home Improvement Project
While the economic downturn has made home improvement more expensive, it remains a popular activity. Today, nearly half of all homeowners plan to start a home improvement project in the first quarter of the year. This number is higher than it was in March of last year. Meanwhile, twenty-four percent of homeowners plan to start a project in the first two months of 2021. Only six percent of homeowners don’t plan any home improvement projects at all. Homeowners in all age groups plan to undertake a project, with the majority planning to DIY.
Home improvement spending is expected to increase in 2021, with nearly half of respondents planning to hire a professional for at least part of their project. In fact, the popularity of home improvement is expected to continue to grow, with a forecast of 600 billion dollars in revenue in the U.S. by 2025 – more than double what it was in 2008.
One of the safest ways to finance your home improvement project is by saving up for it in advance. This method may take more time, but it means that you won’t be paying large credit card bills or relying on loans to make the repairs. You can even apply for a home equity line of credit, which will allow you to access funds as you need them.