Home renovations have increased amid the COVID-19 pandemic, leading to an 82% increase in home repair activity, according to new data from Hearth, a home improvement fintech company.
Hearth found that demand for the following home improvement and repair trades increased from 2019 to 2021:
- House painters – 142.75%
- Plumbers – 139.18%
- HVAC Technicians – 108.44%
- Electricians – 104.36%
- Solar installers – 97.91%
- Pool Service – 89.12%
- Roofers – 82.52%
- Door installers – 74.06%
- Pest Control – 64.63%
- Landscapers – 45.72%
- General contractors – 7.30%
If you are interested in home repairs or renovations, consider taking out a cash mortgage refinance. Because house values ââhave increased Over the past year, many homeowners have accumulated extra cash in their home that can be taken out for home improvement. Visit Credible to find your personal interest rate for your loan amount and see your options.
Home improvement activity is increasing
During the pandemic, competition in the housing market reached unprecedented levels and many buyers ended up paying above the asking price to secure a house. This has prompted many potential buyers to focus on improving their own home rather than trying to buy a new one. Additionally, renovations have taken place for both homeowners looking to sell their current home, as well as new homeowners who had recently moved in and wanted to renovate or make repairs.
And the trend looks unlikely to end anytime soon. Home improvement and maintenance spending is expected to increase for the remainder of 2021 and even through the first half of 2022, according to the Leading indicator of remodeling activity (CRI) report published by the Remodeling Futures Program at the Joint Center for Housing Studies at Harvard University.
âHome remodeling is likely to grow at a faster rate given continued strength in home sales, appreciating home prices and new residential construction activity,â said Chris Herbert, Managing Director of Joint Center for Housing Studies. “A significant increase in home improvement permits also indicates that homeowners continue to invest in larger discretionary and replacement projects.”
If you are looking to make repairs to your home, mortgage refinancing can help you secure funds to make the improvement. Visit Credible to compare multiple mortgage lenders at once and choose the one that offers you the best rate and the best loan terms.
How to finance your home improvement project
Whether you are looking to improve or repair your home or prepare it for sale, there are several options available to you, such as home equity loans, to help you finance your project without having to use a high interest credit card. .
Take out a renovation loan
One way to finance your project is to take out a home improvement loan. With interest rates at record highs, annual rates for personal loans are also falling. This means borrowers can pay less interest and have lower monthly payments when they take out a loan now from a personal lender. Visit Credible to be prequalified in minutes without affecting your credit score.
Consider cash-out refinancing
Many homeowners have seen their home equity levels improve dramatically over the past year as home values ââhave risen. They can get that money out of their home through cash refinancing to fund their renovations and home projects. With today’s low interest rates, some homeowners could even reduce their monthly payments based on the repayment terms of a new loan if their credit history has improved since applying for their first loan or if their first. loan had a higher interest rate. Contact Credible to speak to a mortgage expert and get answers to all your questions about your new mortgage.
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