How to Save on Home Improvement

Home improvement can be an expensive endeavor, but there are ways to reduce the cost of your project. From laying new tile to installing a new sink, there are projects that can be done by the DIY homeowner or the contractor.

While some major renovation projects have been put on hold in the wake of the pandemic, homeowners are still spending money on home improvements. In fact, homeowner remodeling investment is expected to grow in 2024. Learn about the latest industry trends, statistics for the most popular home improvement projects, and the best tips for saving on your next project.

The most popular home improvement projects include updating shower areas, replacing vanities and toilets, laying new flooring, adding lighting and fixtures and painting walls or cabinets. Additions like extra bedrooms and bathrooms are also a big draw, particularly for households with growing families.

Most of the home improvement projects that were completed over the past two years were paid for with cash, according to the Census Bureau’s American Housing Survey. However, 20% of those who took on these projects said they had to cut back on discretionary spending or sell items in order to fund the work. Another 14% tapped into or exhausted their emergency savings, and 8% borrowed against their equity in the home. Despite the potential for high cost, most people say they will continue to spend money on home improvement projects in the future. These projects provide a good return on investment and can boost your home’s value.