Despite Devastating Effects on the Broader Economy, Pandemic Has Been a Boon for US Home Improvement Joint Center for Housing Studies
In the short term, many homeowners who deferred projects—both large and small—in 2020 are expected to complete those renovations once the pandemic is over. All of these factors have boosted the home improvement market and may become lasting trends that, in turn, fuel remodeling activity in the US for years to come. For many homeowners with low incomes, however, keeping up with mortgage payments—let alone home maintenance—was especially challenging last year. The ability of these owners to maintain their typically older, more affordable homes is critical not just for their safety and comfort, but for the preservation of the country’s aging housing stock. Lower-income owners were more likely to have lost employment income due to the pandemic. If their finances do not improve enough to cover back mortgage payments and deferred maintenance, the already-large disparity in housing conditions between lowest- and highest-income homeowners will only grow.
Radon test kits are available at home centers and hardware stores for about $10. They usually involve setting a collector in your home for a week or so and then sending it to a lab for analysis. (One manufacturer is Pro-Lab and charges $40; includes a postage-paid envelope.) Conduct the test in the lowest livable area.
Install new kitchen cabinets or give current cabinets a refresh. Upgrade old kitchen countertops and add a kitchen backsplash for a new look. When it comes to projects that will give you a great return when you sell your home, look no further than a minor bathroom remodel. Give your bathroom vanity a makeover, replace the toilet and faucet if needed, update the shower head for a better shower experience and re-caulk the bathroom tub. After sealing the attic bypasses, push the insulation back into place with an old broom handle or a stick as you back out of the attic. Then finish up by sealing the access hatch with self-sticking foam weatherstrip.
- When you do a cash-out refinance, the cash you get is tax-free.
- Jeremy Jones, Swindon Local Property Expert from Purplebricks, said improving the exterior is “possibly the most obvious way to increase the value of a property”.
- Moreover, it is also one of the cheapest investments in your home, that will make big changes.
A lifetime mortgage allows you to take out a loan that is secured against your property in return for either a cash lump sum or a regular income. If you’ve lived in your house for many years, and area housing prices have been gradually going up over all those years, a portion of your gain on sale could be taxable. If so, you can reduce the taxable gain by including the improvements in the cost basis of the house. Similarly, Young Alfred has a business relationship with Credible, a mortgage broker. Please click here for the full Affiliated Business Arrangement disclosure form. You are not required to use Credible as a condition to obtain access to any settlement services, such as homeowners or other insurance products.
For an impactful weekend update, swap out the surface of your kitchen island. With all the appealing looks of luxurious stone without the tedious upkeep, the 180fx by Formica Group’s Calacatta Cava finish pairs well with contemporary, traditional, and farmhouse styles alike. And “hello” to a profusion of new, trendy, flush-mount lighting designs like House & Home Improvement the pretty schoolhouse-style pick shown here. Add color and interest to the front of your home with DIY wood window boxes filled with overflowing, seasonal blooms. Fixed all of my items within the time allotted and took the initiative to complete a repair that I hadn’t thought of. You’re always on time and most of all you know what you’re doing.
For those with limited equity, the Title 1 Property Improvement Loan Program is a viable option, offering loans up to $25,000 for single-family homes and $60,000 for multifamily homes. Banks and other lenders make these loans from their own funds, and the Federal Housing Administration insures the lender against a possible loss. In this equity release product which is usually only available to people who are at least 60 , you sell part or all of your home to a home reversion provider in return for a lump sum or regular payments. You will have the right to continue living in the property rent free until you pass away, but you have to maintain and insure the house. A personal loan lets you borrow a lump sum at a fixed interest rate and repay it over a set number of years. It can be a good choice when you don’t want to use your home as collateral for the loan or when you want to get the money quickly.
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The ROI of energy-efficient home improvements varies greatly based on the project you take on. For example, according to EnergySage, insulating an attic comes with an average return on investment of just under 117%. Many of these energy-efficient remodeling projects qualify for federal and state green energy tax credits, benefitting you in more ways than one.
Garage door replacement
If not seriously damaged, leave the window repair or replacement for later in the process. Lee has over two decades of hands-on experience remodeling, fixing, and improving homes, and has been providing home improvement advice for over 13 years. The pandemic may have restricted the way many of us lived, but it pushed the housing market beyond historic boundaries.
The kitchen and the bath are ideal places to integrate products that provide peace of mind. As the hub of home, a kitchen affords you a convenient location to monitor security cameras, answer smart doorbells, and create passcodes for smart door locks. The real estate value will appreciate when your home is adequately maintained.