The economy has been no small part of daily life in the U.S. in 2022. Economic issues have been of concern in the past two years, and the affordability of many commodities has continued to make headlines. Economic issues have hit home, including when it comes to home improvement projects. What are the finance trends in home improvement thus far in 2022?
Prioritizing Major Home Improvement Projects
Many homeowners see the rising costs of home improvement projects due to inflation and rising interest rates and are prioritizing which projects they need the most. The isolating conditions of the past two years have pushed people to invest more heavily in making their homes a joyful place to be. Even as everyday people are living their lives in the community again, most homeowners are still excited to make improvements to their abode.
Kitchen and bathroom remodels remain the most popular home improvement projects, followed by large projects like basement finishing and remodeling, additions, outdoor living spaces, and features like smart home installations and homeschooling stations.
Finance Trends in the Home Improvement Market 2022
According to PR Newswire, more people are considering financing through loans rather than their savings compared to in 2021. While there is a decrease in the percentage of people tapping into their savings from last year, there is an increase in interest in taking on a home improvement loan of practically every major kind. These home improvement loans include:
- Home equity line of credit
- Home improvement loan
- Credit card
- Investment liquidation
Homeowners are seeing the need to space out payments on their home improvement projects in order to afford them more easily at this time. While the consensus is to focus on more expensive projects, the goal is also to make those major projects as affordable as possible in the present.
Finding the Best Financing Option
If you are wishing you knew more about what the best financing option might be for you, you are not alone. All generations, from millennials to baby boomers, feel the need to learn more about financing home improvement projects. Pure Finance Group makes it possible for home improvement contractors to offer appealing financing options to their customers, helping make the process smoother no matter the economic state.
Pure Finance Group Is Here to Help!
Thank you for your interest in Pure Finance Group. We’re so excited you’re here. For more information on how our lending services can help you with your home financing needs, give us a call (410-401-4957) or fill out the form on our contact page today. If you have a question about any lending services we provide including home improvement loans, we are here to help answer all your questions. Just give us a call (410-401-4957) or contact us today. To keep up-to-date with the latest financing tips and solutions, keep in touch with us on Facebook and LinkedIn!