Have a plan for home improvement projects

Report: Home improvement projects increased by 20% during the heart of the pandemic
Published: Jan. 23, 2023 at 5:40 PM EST|Updated: Jan. 23, 2023 at 5:41 PM EST
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InvestigateTV - American homeowners spent an estimated $624 billion on home improvement projects in the heart of the pandemic according to NerdWallet’s 2022 home improvement report.

Kate Wood, a home expert at NerdWallet, said what really stood out is how few people were renovating homes in order to sell them.

“It was only something like 20% of homeowners - most people were renovating them in order to be more comfortable or get more satisfaction out of their current home,” Wood said. “So, it’s less people looking to sell or to upgrade and more that people are still nesting.”

She said there are pros and cons to doing renovations yourself and you need to consider what you are capable of doing versus what you should leave to an expert.

Wood also advised you plan on how to pay for it, whether it be a personal loan, credit card, or a home equity line of credit, but reminded consumers to not to deplete your emergency fund on cosmetic fixes.