A closer look at the home improvement arena
Posted on Tuesday, May 31, 2016 at 1:19:36 PM
Home improvement projects have been hot throughout the past several years, with more households looking to increase the value of their properties while reducing utility expenditures and improving the quality of life they enjoy. The most common projects right now appear to be those involved in energy efficiency, with solar panel sales and leases expanding extremely rapidly. This push is being largely supported by financing programs to help homeowners reduce their carbon footprints.
Individuals who are interested in acquiring a loan to specifically get solar panels on their roofs or launch another project to boost their home's energy efficiency can often find them with ease, as so many different programs are now available. Such an investment can often pay off dividends when it comes time to put the house on the market, as it can significantly increase the value of the abode.
Renovations at large
The Daily Journal reported that more than one-third of homeowners finished at least two improvement projects in the year leading up to a survey, which is about 12 percent higher than the rate recorded in 2015. What's more, homeowners were found to have invested 47 percent more on average into these projects in the past 12 months than the same period of last year, the source explained, with more than three-quarters chipping in at least $1,000.
Interestingly, the authors of the study found that this is having a strange impact on the housing and lending markets.
"The bad news is that the resulting situation is making it harder for many would-be buyers to find affordable new homes," they stated, according to the news provider. "The good news is that it's providing homeowners equity that may be leveraged to further boost the enjoyment and monetary values of their existing properties. Consequently, homeowners who would otherwise upgrade to a more desirable home are choosing to stay put and make necessary repairs and improvements."
The Concord Monitor also pointed out that increases in solar panel installations, specifically, can potentially make it more difficult to find a loan from certain banks due to the service models used by providers.
However, homeowners who are interested in getting a major improvement project underway should consider applying with a local, community bank, as this will often afford them a more personalized approach to a level of service that yields better results.