Home improvement spending in the United States is expected to increase this year. This is because the economy is getting better and the housing market is slowly recovering. If the growth continues to increase through mid 2012, home improvements will be expected to end on a good note by the year end. During the last few months, there have been an increasing number of sales of existing homes which may result in home improvement projects as well. This should help local interior designers find more work. With lending institutions and banks becoming tight in mortgage loans, financing will be easier for homeowners who would want to undergo remodeling.
Studies predict that spending for home improvements will achieve $113.6 billion after the middle of 2012 which is, in reality, down by 0.2 percent against the 3rd quarter of last year. Home remodeling spending this quarter is up by 5 percent against the first quarter of last year. Although the expectations on home improvements is getting better, it all depends on economy improvement and the housing market.
Many people opt for home improvement to increase the value of their home. Remodeling is a good option for homeowners to add value to their property. Below are some guidelines to consider:
- the first thing that a homeowner needs to consider to add value to their home is to improve the curb appeal of the house. This include the garden, lawn, exteriors and the whole outdoor area of the house, including the roof and landscaping.
- Freshen up the color for the exterior and the interior of the house.
- Focus on the main rooms such as the bathroom and the kitchen. Add furniture or appliances if necessary.
- Clean and organize your garage.
- Consider putting fireplace if you don’t have one.
- Bring the laundry area up from your basement.
- Avoid adding or repairing windows because they do not add value to your house unless they are seriously damaged. Just clean your existing.
- Do not bother putting in a swimming pool if you don’t already have one; some people don’t like having pools because of the maintenance.
- Spending on furniture and the decor inside the home is good, but you may opt to prioritize other, more important things.
- Laying in new materials for your flooring may help a bit, but may not increase your resale value as much as you may think.