Americans have been increasingly investing in upgrading their living spaces and financing home improvements in this rapidly expanding home improvement market. According to an article by Architectural Digest, data from the Joint Center for Housing Studies of Harvard University (JCHS) reveals that home improvement project spending escalated from $328 billion in 2019 to $472 billion in 2022. Projections suggest that the spending trend will continue, with an estimated $485 billion for 2023.
While home improvement budgets have swelled, the costs to carry out these projects have not necessarily become cheaper. That's where finding ways to save money on home improvements becomes crucial. Leveraging Cash Store and embracing smart financing options can pave the way for cost-effective upgrades, making your dream home a budget-friendly reality.
As time goes by, our homes may start to feel outdated, prompting a desire to refresh and renovate our living spaces. With the prevalence of home improvement shows on networks like HGTV, TLC, and Netflix, upgrading our homes becomes even more enticing.
However, undertaking such projects comes with a hefty price tag. HomeAdvisor reports that a kitchen remodel in 2023 could cost anywhere from $14,549 to $40,425, while according to Forbes, bathroom remodels come with an average price of around $10,000. The expenses vary greatly, with budget-friendly remodels starting at $2,500 and high-end projects reaching upwards of $30,000. Additionally, an article on the Bob Villa website says that finishing a basement can transform an unused area into a functional living space, but the cost ranges from $2,800 to $34,500, with an average of $18,398.
Given these high costs, many homeowners lack sufficient cash to cover the materials and labor expenses outright. As a result, financing home improvements through installment loans have become popular to help fund these home improvement projects. Leveraging financing through trusted providers like Cash Store can give homeowners the flexibility and affordability they need to turn their renovation dreams into reality, without breaking the bank.
When embarking on home improvement projects, be sure to begin with a comprehensive assessment of your renovation needs and set a realistic budget. Understanding the financial implications of these endeavors is crucial to ensure they align with your overall family budget, preserving the balance of the 50/20/30 budgeting rule.
Start by listing all the areas in your home that require attention and prioritize them based on urgency and importance. Next, research the estimated costs of each project, considering materials, labor, and any unexpected expenses that may arise. Doing so allows you to create a well-defined budget that fits comfortably within your financial capabilities.
Mastering your finances involves adhering to your family budget and avoiding overspending on home improvements. Opting for strategic planning and cost-saving approaches can be highly beneficial. For instance, consider do-it-yourself (DIY) options for tasks you can handle, negotiate with contractors for better rates, or explore alternative, budget-friendly materials without compromising on quality.
When life throws unexpected expenses your way or you need fast cash to cover urgent bills, or your budget allows you to take on a new project, Cash Stores in Wisconsin, Idaho, and Texas, are here to help. Catering to good people like you, Cash Store offers quick access to the funds you need, whether for medical emergencies, personal needs, mortgage payments, or home improvements.
With competitive terms, high approval rates, and no credit score or history required for application or qualification, Cash Store makes borrowing stress-free. What sets us apart from other lenders is that we pay you cash money within minutes after processing your application, offering a great solution for those looking for financing for home improvements!
DIY, now a commonplace term short for "do-it-yourself," is a popular approach to home improvement where homeowners take on various projects themselves instead of hiring professionals. Engaging in DIY projects can be advantageous, especially for those who are handy, as it offers numerous cost-saving benefits.
By bypassing labor costs and contractor fees, homeowners can significantly reduce their overall expenses while gaining a sense of satisfaction from accomplishing projects independently. Here's a list of just some of the many budget-friendly DIY home improvement projects that homeowners like you may be able to do for yourself:
By undertaking these DIY projects, homeowners can save money and customize their living spaces to reflect their unique tastes and preferences, making their homes their own.
Home renovations in the U.S. come with an average price tag of $18,000, making it essential to find the right financing option for your project. Credit cards, home equity loans, and personal loans are popular choices, accounting for 37.4%, 8.6%, and 8.5% of all financing options, respectively.
Choosing the best method for financing home improvements depends on individual needs, financial circumstances, and the scale of the project. Consider the following financing options for your home improvement project:
You can pursue your desired home improvement project with financial confidence and efficiency by evaluating and matching these financing options to your specific requirements. But, whichever option you choose, be sure to stick to your budget. Home improvement projects fall within the wants category. So, ensure your needs are covered and that you are still saving and investing based on 20% of your income before you pursue a large-scale project.
While DIY projects can save money, certain home improvements, such as plumbing and electrical work, are best left to professionals. Additionally, lack of time, skills, or interest may lead homeowners to opt for hiring contractors.
If you're considering the contractor route but want to stick to a budget, here are some helpful tips for finding affordable and reliable professionals for your projects.
Home improvement projects can be both constructive and destructive, leaving some homeowners concerned about their environmental impact. Two eco-friendly concepts that address these concerns are repurposing and upcycling. Repurposing involves giving old items new uses, while upcycling entails transforming discarded materials into higher-value products.
Repurposing offers several benefits, such as reducing waste, lowering materials and transportation costs, and creating aesthetically pleasing designs. Moreover, repurposed materials often boast remarkable durability, contributing to sustainable living.
On the other hand, upcycling saves materials from ending up in landfills, minimizing waste and reducing the strain on natural resources. This environmentally responsible approach also provides social and economic benefits by supporting local businesses and rural village industries.
Investing in energy-efficient upgrades benefits the environment and leads to significant long-term savings. Simple changes like switching to LED lighting can have a substantial impact. An average home with incandescent bulbs consumes around 2,000 kWh of electricity annually, costing approximately $215 annually. By transitioning to LEDs, homeowners can save approximately $4,000 over the LED's typical 20-year lifespan.
Adding insulation to attics, floors, crawl spaces, and basement rim joists while addressing air leaks can result in remarkable savings. On average, homeowners can reduce heating and cooling costs by up to 20% or overall energy costs by up to 10%.
Moreover, eco-friendly improvements, such as ENERGY STAR-rated appliances, can qualify homeowners for tax credits and incentives. For example, installing ENERGY STAR Most Efficient air conditioners can lead to a $300 credit. Replacing windows, doors, or skylights with ENERGY STAR-labeled alternatives may result in a tax credit of 10% of the cost, up to $200 for windows and skylights, and up to $500 for doors, including installations for new installations.
These incentives make energy-efficient home improvements not only environmentally responsible but financially savvy choices as well.
When it comes to home improvements, choosing projects that offer the most value for money and boost resale potential is essential for homeowners. Experian provides a list of high-impact home improvement projects that can make a significant difference:
Financing home improvements is one of the best ways to make your dream living space a reality without straining your budget. By embracing money-saving ideas, homeowners can embark on projects that enhance their living spaces while being mindful of their financial well-being.
Key money-saving ideas for home improvements include considering budget-friendly DIY projects, repurposing and upcycling materials, and prioritizing high-impact improvements that add significant value to the home. DIY projects empower homeowners to take charge of their renovations and save on labor costs while repurposing and upcycling allow for creative and eco-friendly transformations.
Additionally, prioritizing high-impact improvements, such as kitchen renovations, flooring upgrades, and insulation enhancements, ensures that homeowners invest in projects that maximize the resale potential of their properties.
Exploring Cash Store and its smart financing solutions is wise for those seeking flexible and affordable options for financing home improvements. With high approval rates, competitive terms, and no credit score requirements, Cash Store is a trusted partner for funding your home improvement endeavors. Whether adding a backsplash to the kitchen, installing energy-efficient windows, or revamping your living space, Cash Store's installment loans provide quick access to cash, making your upgrades stress-free and budget-friendly.
In your journey towards creating a more beautiful, comfortable, and energy-efficient home, Cash Store is here to support you every step of the way. Take advantage of smart financing options and turn your home improvement aspirations into a reality today!
*The content on this page provides general consumer information or tips. It is not financial advice or guidance. Each person’s circumstances are unique. The Cash Store may update this information periodically. This information may also include links or references to third-party resources or content. We do not endorse the third-party or guarantee the accuracy of this third-party information. There may be other resources that also serve your needs.
Learn how to lower credit card interest rates amid rising trends. Negotiate with credit card companies effectively for a better deal. Take control of your finances now!Read More >
Discover the 8 most affordable cities in the US! Explore budget-friendly living options, low-cost housing markets, and quality of life in these economic gems.Read More >