The Joint Center For Housing Studies of Harvard University’s April’s article about the house trends during the COVID-19 pandemic seems to suggest home improvement spending will slow even farther in major metropolitan areas in the United States.
Even before the virus hit the United States, there were clear indicators the home improvement market was slowing down. With the uncertainty of the COVID-19 pandemic and the downturn of the economy, home renovations are projected to slow down in major metro areas from Orlando to Portland, Oregon.
Fortunately, for Northeast Ohio and many metro areas in the Midwest, home remodeling seems to gain a light increase this year due to the affordability of housing and lower cost of living.
For many homeowners, the uncertainty of the pandemic has shifted their vacationing plans this year. Many families are choosing a road trip instead of flying, but many American families are forgoing their vacations altogether. They are staying close to home and doing a home renovation instead.
If a home renovation project is on the horizon, taking advantage of low- interest-rate loans this year can save you hundreds of dollars and can allow you to use that money to do more in your home.
Many companies are enticing customers to take advantage of their promotions by offering interest-free and no payments for up to 2 years in some cases. From auto loans to windows offers, businesses are eager to provide customers affordable choices to make sales and to be able to compete with other businesses to stay open and profitable.
The only uncertainty for the homeowner becomes an easy one. Which renovation project to do?
According to many home experts and leaders in the industry, the home projects to do are not necessarily the ones you want to do. For example, a brand new kitchen than can cost you thousands of dollars, and weeks of hard and messy work, can recoup only 54% of the cost, but a garage door that cost you 3K- to 5K recovers close to 99% of the expense if you sell your home.
Big-ticket items like the roof, siding, windows, and basement waterproofing are home remodeling projects that can be expensive because you need to hire a professional to do them. But, those are remodeling projects you must not procrastinate to do. A damaged basement is not only letting water seep into the home. It can be damaging the foundation as well. The longer the damage to the basement, the higher the price of fixing the problem.
A leaky roof is something many people do not procrastinate to fix. A wet, leaky basement should have the same priority.
If you are fixing your home to enjoy or to sell, a wet, leaky basement is a part of the house that many homeowners have to take seriously. A clean, dry basement can give you the extra room you need, or it can be a big selling point for you.
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