As the real estate market in the United States remains tight, homeowners are increasingly looking to boost the value of their homes instead of buying new properties.
The median home value in the U.S. is $220,100, according to online real estate company Zillow, and those values are expected to rise another 6 percent over the coming year.
More than 70 percent of homeowners said the best way to add value to their existing properties is by spending money on home improvements, according to a survey from NerdWallet Opens a New Window.
Americans spent nearly $450 billion on home improvements between 2015 and 2017, according to U.S. Census Bureau data cited by NerdWallet, on 113 million projects. Those projects included everything from kitchen repairs to repairing roofs.
However, funding those improvements isn’t an easy feat for some homeowners.
More than 30 percent of surveyors told NerdWallet they did not have enough cash in hand to make home repairs or improvements. That could pose a problem considering nearly half of homeowners said they experienced an unexpected home repair within the first year of ownership – and 12 percent said it occurred within the first month.
Financing can be the perfect option for home owners who can’t afford to pay upfront for home repairs or improvements.
- Posted January 21, 2019