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To renovate can be just great
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During the past two years encompassing the coronavirus pandemic, studies say American homeowners spent nearly $1 trillion on a wide variety of renovations and remodeling projects.
A joint study from the National Association of Realtors (NAR) and the National Association of the Remodeling Industry (NARI) found more than 90% percent of remodeling professionals reported more business in 2020 and 2021.
In the same survey, 83% of homeowners reported “planning” to remodel before the health crisis, but a whopping 86% admitted that the pandemic inspired them to expand their renovation horizons.
With already favorable demographics and the country’s ongoing shift to home-centered lives, 2022 may go down as the most memorable of all time in the home improvement market.
Numbers are not final yet, but experts say demand, supply chain problems and labor shortages have pushed total renovation prices up as much as 15%. Despite this, home improvement expenditures have surged more than 25%.
Numbers are not final yet, but analysts say remodel and home improvement expenditures during have surged by more than 25% despite the spiraling costs: Experts say demand, supply chain problems and labor shortages have pushed renovation prices up by 10 to 15%!
As costs increase, many people are asking whether they should remodel now or wait. While these concerns are valid, most economists agree that the cost of goods and services aren’t likely to go back down any time soon.
Fortunately for most homeowners, home values have seen record increases, increasing the ability finance home renovations through a “cash-out refinance.” The more equity you have in your home, the more you can afford, and the more potential resale value you can add.
Remodel projects can cost a lot upfront, but done correctly, can add thousands in value back into your home.
The more resale value you add, the more money you can make when you eventually decide to sell.
Apart from financial gains, homeowners report varying reasons for modifying their living space. Thirty-five percent cited better functionality and livability while 14% mentioned beauty and aesthetics
More than a third of owners (35%) hired a professional for their entire project, while 28% reported that they hired someone for the labor but purchased the necessary materials. Twenty-two percent of homeowners did the full project themselves, from start to finish.
If you are attempting to do a DIY home remodel, use caution. In general, property alterations beyond basic cosmetic improvements require a permit.
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Rocket Mortgage, LLC; NMLS #3030; www.NMLSConsumerAccess.org. Licensed in 50 states. AL License No. MC 20979, Control No. 100152352. AR, TX: 1050 Woodward Ave., Detroit, MI 48226-1906, (888) 474-0404; AZ: 1 N. Central Ave., Ste. 2000, Phoenix, AZ 85004, Mortgage Banker License #BK-0902939; CA: Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act; CO: Regulated by the Division of Real Estate; GA: Residential Mortgage Licensee #11704; IL: Residential Mortgage Licensee #4127 – Dept. of Financial and Professional Regulation; KS: Licensed Mortgage Company MC.0025309; MA: Mortgage Lender License #ML 3030; ME: Supervised Lender License; MN: Not an offer for a rate lock agreement; MS: Licensed by the MS Dept. of Banking and Consumer Finance; NH: Licensed by the NH Banking Dept., #6743MB; NV: License #626; NJ: New Jersey – Rocket Mortgage, LLC, 1050 Woodward Ave., Detroit, MI 48226, (888) 474-0404, Licensed by the N.J. Department of Banking and Insurance.; NY: Rocket Mortgage, LLC, 1050 Woodward Ave., Detroit, MI 48226 Licensed Mortgage Banker-NYS Department of Financial Services; OH: MB 850076; OR: License #ML-1387; PA: Licensed by the Dept. of Banking – License #21430; RI: Licensed Lender; WA: Consumer Loan Company License CL-3030. Conditions may apply.
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