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Spending On Renovations for 2022

Do It Yourself (DIY) projects and home renovations have become increasingly popular because of the pandemic. With more people staying home and working from home, the opportunity to sit down with a project or work through a renovation has presented itself more often than not. Others are noticing the competitive housing market, and are willing to do at-home improvements all by themselves so they can enjoy the home they have or see the value of their home skyrocket. 

Home renovations and Improvements are Expected to Peak

According to the Remodeling Futures Program at the Joint Center for Housing Studies at Harvard University, it is estimated that $427 billion will be spent on these projects. Back in the ‘90s, the average growth in home renovation spending was about 5 percent each year; this year, it’s expected to grow to about 20 percent in home renovation expenditures. 

These home renovations might seem like large expenses, especially when the average cost of a renovation project is $15,000, according to a survey done by Houzz.com. But these projects and improvements are increasing the value or equity of your home significantly. CoreLogic released a study that found the average homeowner gained about $57,000 in home equity between 2020 and 2021. Your home equity has the potential to be worth even more with home renovations and upgrades, making the one-time expenses worth it in the end. 

Invest in Solar Power

If you’re interested in renovating or some type of home-improvement to increase the value of your home, installing solar panels might be the next step for you. Zillow released a study in 2019 showing that houses with solar panels sold for at least $9,000 more than a similar home without panels. As clean energy becomes more desirable, the value of having solar panels on your property will only appreciate. 

SolarRepair offers unique and tailored solar panel installation services for your home or any property you want to upgrade. Our team at SolarRepair believes in protecting and maximizing your investment, so we will always be there for our customers to perform regular maintenance and check for repairs on your solar panels. All of our SolarRepair customers are customers for life, and we will always stay on top of servicing your panels so you get the most value out of your life-changing renovation.

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