home renovations


Majority of Americans think home renovations take longer than planned: survey

  • July 27, 2022

More than half of Americans think their home improvement project will take longer than planned, according to a survey from Angi.  (iStock)

The majority of Americans (52%) believe that home improvement projects will take longer than expected, but many are still confident in their ability to do the projects themselves, according to a survey from Angi.

U.S. home improvement sales are projected to increase to more than $550 billion this year as more Americans choose to do their remodeling projects themselves, according to Statista.

When looking at cost, women were 10% more likely than men to believe that DIY renovations would save money over hiring a professional, the survey said. Separately, about 12% of millennials said they thought renovations wouldn’t break the bank. 

The survey also said that 74% of Americans have some confidence in their ability to oversee a home renovation project, but 20% have no idea about permit requirements for common home renovations

If you are considering doing a home renovation, a cash-out refinance is one option to help you fund the project. You can visit Credible to compare multiple mortgage lenders and find your personalized interest rate without affecting your credit score.


Gen X believes home renovations add value

Many Americans believe their renovation projects will add value to their home, the Angi survey said. 

About 42% of Gen X, or those born between 1965 and 1981, are convinced that home value is added through renovations. This is compared to 31% of millennials and 32% of baby boomers.

Some home updates do seem to pay off, though. For example, a minor bathroom remodel has an average 102% return at resale, according to HGTV. Landscaping

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Despite Fewer Canadians Planning Home Renovations Over the Next 12 Months, Those That do Intend to Renovate are Likely to Spend Nearly Double, According to Home

  • July 20, 2022

TORONTO–(BUSINESS WIRE)–Despite national inflation, rising interest rates, and a volatile public market, a new survey from HomeStars reveals that Canadian homeowners have spent significantly more on renovations this year than in years past. On average, those who completed indoor renovations in the last 12 months spent $13,000, up from $8,300 last year. Although more Canadians have indicated an intention to pause home renovations in the coming year, and even with rising material and labour costs, it is estimated that Canadian homeowners on average, will double their total home reno spending this upcoming year.

With 80 per cent of respondents reporting to have cash on hand to fund planned home renovations, there was an average increase of 57 per cent in total spending for indoor renovations, demonstrating that Canadians want to reinvest where they’re living. Along with increased spending, HomeStars also saw the continued trend that Canadians want to stay put. Three-in-four (76 per cent) of those surveyed reported that they are not considering moving in the next 12 months, while 14 per cent are currently undecided.

“Given the unique climate that Canadians are currently living in, we were surprised to see the increase in home renovation investments made over the past 12 months,” says Shir Magen, CEO of HomeStars. “We’re seeing pandemic changes year-over-year; however, what’s interesting with this year’s data is that despite pandemic restrictions easing, Canadians aren’t reverting to their pre-pandemic tendencies. We’re seeing that homeowners are sticking to the renovation spending habits that they had at the height of the pandemic, and for the second year in a row, the extra funds that might have been used for travel or entertainment are instead being reinvested into their homes.”

Though most of Canada has eased out of many pandemic restrictions, the pandemic continued to motivate

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Things to think about when doing home renovations

  • July 18, 2022

Renovations can be a massive challenge whenever you are doing them yourself as a DIY project, or are hiring professional contractors to do the job. There are a lot of horror stories involving contractors and home renovations that essentially become ugly and eyesore heavy money pits that never get completed and become a big problem for the home. 

In order to ensure that you don’t fall victim to the problems of home renovations, and that you get a good renovation that will be done without any issues or problems, you do need to put in some work and ensure that you are asking the right questions and that you are taking the correct precautions to get the job done well.

1. Starting Renovations Too Soon

Maybe people tend to have a problem with rushing their renovations. They simply buy a house and plan to do all of these grand renovations, without even living in it first. That’s like going into a clothing store and buying everything without even trying it on first. While the strategy does work for some people, it doesn’t have a 100% success rate, and renovations the second you buy the home is a massive problem as well. 

You should live in the house for at least a little while before starting your renovations, to figure out what you want to keep the same and what you want to remove. Who knows, once you live in it for a while, you might find that the rough shackle kitchen you wanted to tear down and modernize is actually rustic and charming. You wouldn’t have known that if you had taken a hammer to that kitchen the second you moved in.

2. Hiring The Wrong Constructor or Contractor

If you don’t want to do a do it yourself renovation,

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Average Cost of a Home Renovation (2022)

  • June 17, 2022
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Home renovations are more popular than ever, as people are spending more time at home and thinking about how to make their living spaces work for them.

The price tag for a typical home remodel can be in the tens of thousands of dollars, but rising home values have offered homeowners more opportunities to afford those costs. According to mortgage technology and data provider Black Knight, the average homeowner gained $48,000 in tappable equity in 2021, a 35% increase from 2020. That could be helping to drive the popularity of renovations, as homeowners often draw on home equity loans or lines of credit (HELOC) to finance renovation projects. 

While homeowners have more equity to help pay for the work, costs have also gone up, driven by increased labor costs and supply chain issues affecting building materials.

Whether you’re using a home equity loan, home renovation loan, or your own savings to update your house, it’s important to estimate costs upfront before you dive in. 

How Much Does It Cost to Renovate a House?

Home renovations can involve anything from repainting kitchen cabinets to refinishing hardwood floors to replacing old windows with new ones. Even small changes, such as painting a room or replacing light fixtures, can make a big difference to the look and feel of a room. 

While some homeowners remodel for their own aesthetic enjoyment, others choose to renovate to increase the resale value of their home. Renovating bathrooms and kitchens tend to have the best return on investment, says Allie Weiss

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20 Home Renovations That Will Hurt Your Home’s Value

  • June 16, 2022
gilaxia / Getty Images

gilaxia / Getty Images

Your home isn’t just a source of pride or a place where you can relax after a long day — it’s also an investment in your family’s future.

Also Read: In Less Than a Decade, You Won’t Be Able To Afford a Home in These Cities
See: 15 Cheap, Beautiful Places To Retire

And while it’s natural to want to make improvements to increase your home’s resale value, some renovations will actually cost you money in the long run. Just because you see something as an improvement doesn’t mean a potential buyer will feel the same way. Find out which renovations are ones to avoid.

Roman Rybaleov / Shutterstock.com

Roman Rybaleov / Shutterstock.com

Lavish Lighting Fixtures

One common home improvement mistake is falling in love with unique or lavish light fixtures, said Alon Barzilay, founder of real estate development company Urban Conversions.

POLL: Do You Make a Weekly Meal Plan or Other Regular Household Budget?

“Whether it be ceiling-mounted lights in a dining room or a hanging pendant, there is a psychological phenomenon that happens when you go to a lighting store … you’re going to pick something exciting and new instead of picking a new addition that suddenly matches the big picture,” Barzilay said.

Further, the passage of trends works against homeowners. “Whatever is in vogue today will look dated 10 years down the road when you are ready to sell,” he said. “Simple is best. Fortunately, lighting can easily be switched out at a low cost.”

bikeriderlondon / Shutterstock.com

bikeriderlondon / Shutterstock.com

Too Much Wallpaper

With its patterns and texture, wallpaper can be an overwhelming design choice for your home. Plus, it’s notoriously difficult to remove. Homebuyers might view wallpaper removal as a potential headache, and it could be the tipping point for someone who wants a more move-in ready

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