Home repairs and remodeling have been on the rise, and could continue to increase over the next year, data showed. Here's how to finance your project. (iStock)
Home improvement work has spiked amid the COVID-19 pandemic, driving an 82% increase in home repair activity, according to new data from Hearth, a home improvement fintech company.
Hearth found that demand for the following home improvement and repair trades rose from 2019 to 2021:
- House Painters - 142.75%
- Plumbers - 139.18%
- HVAC Techs - 108.44%
- Electricians - 104.36%
- Solar Installers - 97.91%
- Pool Service - 89.12%
- Roofers - 82.52%
- Door Installers - 74.06%
- Pest Control - 64.63%
- Landscapers - 45.72%
- General Contractors - 7.30%
If you're interested in home repair or home remodeling, consider taking out a cash-out mortgage refinance. Because home values have surged over the past year, many homeowners have extra cash in their homes that can be pulled out for home improvement. Visit Credible to find your personal interest rate for your loan amount and view your options.
Home improvement activity rises
During the pandemic, the competition in the housing market rose to unprecedented levels and many homebuyers wound up paying above the asking price to secure a home. This drove many potential buyers to focus on improving their own homes instead, rather than attempting to buy a new one. Also, renovations took place both for homeowners who were looking to sell their current home, as well as new homeowners who had recently moved in and wanted to remodel or make repairs.
And the trend seems unlikely to die down anytime soon. Home improvement and maintenance spending is likely to grow for the remainder of 2021 and even through the first half of 2022, according to the Leading Indicator of Remodeling Activity (LIRA) report, released by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University.
"Home remodeling will likely grow at a faster pace given the ongoing strength of home sales, house price appreciation, and new residential construction activity," Chris Herbert, Joint Center for Housing Studies managing director, said. "A significant rise in permits for home improvements also indicates that owners are continuing to invest in bigger discretionary and replacement projects."
If you're looking to make repairs on your home, a cash-out mortgage refinance can help you secure funds to make the improvement. Visit Credible to compare multiple mortgage lenders at once and choose the one with the best rate and loan terms for you.
How to finance your home improvement project
Whether you’re looking to improve or repair your home or want to get it ready to sell, there are several options available to you, such as home equity loans, to help finance your project without having to use a high-interest credit card.
Take out a home improvement loan
One way to fund your project is through a home improvement loan. With interest rates at record lows, personal loan annual percentage rates are also down. This means borrowers can pay less money in interest and have lower monthly payments when they take out a loan now from a personal loan lender. Visit Credible to get prequalified in minutes without affecting your credit score.
Consider a cash-out refinance
Many homeowners saw their equity levels improve significantly over the past year as home values surged. They can take this money out of their home through a cash-out refinance to fund their remodels and home projects. With today’s low interest rates, some homeowners could even lower their monthly payment under a new loan's repayment terms if their credit history has improved since applying for their first loan or their first loan had a higher interest rate. Contact Credible to speak to a home loan expert and get all of your questions answered for your new mortgage.
Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.
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September 22, 2021 at 01:49AM
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