Home Improvement Ideas For Millennials
Home improvement is an industry that’s expected to grow rapidly in the next few years. The Angi research firm estimates that the home renovation business will reach $510 billion by 2024, up from $450 billion in 2018. In fact, Millennials are leading the charge.
Millennials have been buying homes in greater numbers than any other age group. And they’re doing home improvements in droves. They’re driving up spending on the average homeowner by more than 5% per year.
There are many things to keep in mind when you’re considering a renovation. One of the biggest concerns is the effect it will have on your resale value. For example, a new front door may not increase your home’s value. However, it can improve the appearance of your house and make it more comfortable.
Increasing home values and rock-bottom interest rates are creating opportunities for people to invest in their homes, even if they don’t have a lot of cash. This makes home renovations and other home improvement projects more attractive. If you need a loan to finance the project, a home equity line of credit can provide a more flexible option.
Whether you’re renovating your home or adding on, it’s important to plan ahead. It’s also a good idea to be cautious when hiring a contractor. Make sure to check their license, references and insurance. A contractor with a clean record with the Better Business Bureau and Consumer Affairs can be an indicator of professionalism.
Most home improvements involve major work, and a well-planned budget can help avoid going over your budget. While a simple home renovation can cost a few hundred dollars, a more elaborate project can run into the thousands of dollars.
When planning a home improvement project, it’s a good idea to write down a list of things you’d like to fix and upgrade. Don’t forget to add details to your project plan, such as who will pay for the inspections. You can also consider asking a professional for ideas.
Home improvements can be carried out for a variety of reasons, from safety to personal preference. Check with a contractor to find out which services are recommended for your project. Before you sign a contract, be sure to review the terms, including the time frame for the work and who will be responsible for the filing of documents.
Some homeowners find that home improvement is a comforting investment during times of unrest. But a poorly executed renovation can actually decrease your resale value. Especially if you’re planning to sell your home in the future, you’ll want to make sure your project is done right.
It’s also worth noting that the price of materials for home improvements has been rising at a much faster rate than inflation. Materials are 400% higher than they were during the pre-pandemic era. So, don’t expect to get a $10,000 kitchen range if you’re planning to sell in the near future.
The most popular home improvement categories include exterior, interior, and garden work. Other categories include heating, electrical, and plumbing systems.