Millennials Driving the Home Improvement Industry

Home improvement

Millennials are driving billions of dollars into the home improvement industry in the coming years. More than two-thirds of homeowners plan to start a home improvement project in the first half of 2021. In addition, a majority of homeowners plan to hire a professional to do some work, according to a new survey.

The Axiom survey, conducted in September and October of last year, asked consumers what they’ve been doing lately and what projects they plan to do in the next two years. The majority of respondents said they’d be doing a lot of work on the outdoors, including patios, fences, and decks. Other projects on the to-do list include storm windows, central vacuum systems, and central heating and air conditioning systems.

One-third of survey respondents plan to do a lot of home improvement work themselves, while another 39 percent plan to do it themselves but are planning to hire a professional to do some of the work. The average home improvement spending is expected to rise in 2021, according to the Axiom survey.

In addition to spending more on home improvements, Millennials are buying homes. According to the Harvard Joint Center for Housing Studies, the home improvement market will continue to grow, although it will decelerate to a sustainable growth rate. In addition, the home remodeling industry is projected to grow to $510 billion by 2024.

Homeowners can borrow up to 85% of the home’s value for a home equity loan. However, they should be prepared for more time and costs than with a personal loan. They can also use a home equity line of credit, which allows them to use the credit as needed. Home equity loans are secured by the borrower’s home, but the loan is repaid over five to thirty year terms.

Home improvement contractors often hold a college degree, but one in four did not attend college. The degree most common for home improvement contractors is a business degree, followed by general studies. Other degrees include criminal justice and psychology.

Whether you plan to do your own work or hire a contractor, you should make sure the contractor is licensed in the state you live in. In addition, be sure to verify insurance and references. You should also ask your neighbors and friends who have hired contractors in the past.

A good contract should include details such as project timelines, a payment schedule, and references. If the contractor violates a law or fails to complete the project in a timely manner, the customer may file a lawsuit for actual damages or reasonable attorneys’ fees. In some states, contractors can be fined $250 to $2500 for violating the Payment Protection Law.

In order to protect yourself from fraudulent or unprofessional contractors, you should always make sure to get a written contract that outlines your project, the costs, and the payment schedule. Also, check with your local building codes office to make sure your work is permitted.