Are you making a “to-do” list for 2014? As one year winds down, we often think about what we want to get done during the following year. If your “to-do” list includes a home improvement project, you’re likely not alone.
Americans are going to be spending more money on home improvement in 2014. That’s according to a new report by Fitch Ratings Points. The report points to the ongoing recovery by the housing market. Fitch predicts home improvement spending will continue on an upward trend. One market research firm says improvement spending was up last year and Fitch is forecasting an increase of 4% this year and 5% next year. This comes after a six-year stretch that saw a drop in home improvement spending.So why the increase? A director at Fitch says one factor is homeowners who are spending money to fix up their homes before putting them on the market. Meantime, owners of new homes are undertaking projects designed to personalize their new homes.
Major home improvement store chains are seeing the difference. Home Depot and Lowe’s say sales are up from last year.
The Fitch reports points to some roadblocks that could potentially slow the growth of home improvement spending. Unemployment remains high and consumer confidence is still low. In fact, October saw consumer confidence drop to a nine-month low in the wake of the government shutdown.
Still, it seems many people are opening up their wallets to make improvements to their homes.
Replacing older windows and doors in your home remains an affordable option that will pay off now and in the future. Energy efficient windows can make your home more attractive and reduce energy costs. They can also improve the resale value of a home. Just something to think about as you complete your “to-do” list for next year.
