The term “home improvement” covers a variety of different projects, from adding new furniture to painting and renovating rooms. Depending on your goals, you may choose to focus on one area or another. For example, buying new furniture for your living room would be considered home improvement because it would improve the look of your living room. Alternatively, you may choose to replace an outdated sofa and chairs.
According to the latest figures, home improvement spending is expected to increase in 2021. This year, more than half of Americans plan to perform at least some home improvement projects. That’s a growth of over seven percent from last year. Millennials are also more likely to undertake home improvement projects than older people, and will likely spend billions of dollars on improvements in the next few years.
The number of retail home improvement stores rose sharply last year, but has since come off of these highs. Higher inflation and mortgage rates are taking a bite out of this trend. Many people upgrade their home furnishings after completing a remodeling project. According to the Harvard Joint Center for Housing Studies, remodeling spending will see big spikes in the first half of the year, then slow down to a sustainable rate of growth.
Whether you’re looking to make major repairs or just add a new appliance, credit cards can help you get the job done. Many credit cards offer cash back rewards that can be applied to home improvement purchases. There are also many home improvement credit cards that come with 0% introductory periods. These offers allow you to pay zero interest for 12 months or more.