More homeowners across the U.S. have money to spend. Home equity is on the rise, and many borrowers are able to handle their monthly mortgage payments better than before.
What does this all mean? For one, the number of home improvement projects are going up. When financial stability improves, one of the first places people look to spend is on their houses.
With this trend picking back up, it pays to be safe. A home inspection can be a vital step during any remodeling project, either before, during and after. That way, the residents will fully understand if everything was completed properly, and whether or not there are any serious problems.
Rising confidence equals more spending
Increasing home equity, higher home prices and a more stable economy all add up to one thing - renovations. According to CNBC, borrowers in the black on their mortgages are spending that money on home improvement projects.
"Most homes have been underinvested in during the last several years, because you didn't want to put money into your home if you didn't know where the value of your home was headed," Kermit Baker, chief economist for the American Institute of Architects, told the news source. "Now there is just some comfort level."
Baker further explained that home additions and kitchens are still wildly popular, but truly high-end upgrades have not yet returned to the market.
In addition, homeowners have been clamoring for improvements, CNBC reported. In fact, some people are looking for new houses altogether, but aren't finding a whole lot of options. Instead, they are turning to remodeling to satisfy their cravings for a real estate upgrade.
"We had three new inquiries yesterday," Michael Bruckwick, a Maryland-based architect, told the news source. "People may have waited a year or two or three, but it's the reality of life and raising families that keep growing."
Overall, these positive conditions means that an improvement project could be in the near future for many people. If this is the case, the smart bet would be to include a property inspection professional. These experts can prevent a remodel from going wrong with some heads-up advice and a detailed report.
How a home inspection can help
For many homeowners, plowing ahead with a remodeling project may seem like the fastest and most cost-effective way to get it done. However, this could lead to plenty of unnecessary complications. On the other hand, a home inspection can be a crucial asset during this time.
Many people overlook quality when it comes to improvements, according to Doityourself.com. Anything that is more complicated than a coat of paint may require a trained eye, and this extra step can really pay off. Instead of running into unforeseen problems, the homeowner can move forward with confidence knowing that everything is built correctly.
An inspector will take a look at the overall safety of the property, the news source noted. An inspection prior to buying a house will impact negotiations, but a potential buyer still has options. When it comes to a renovation, a failed report could mean there are serious health and safety concerns. These could require the residents to move out until things are fixed, so it is a smart choice to figure everything out beforehand.
The bigger the project, the more a home inspection is needed. Doityourself.com explained that for the largest renovations, an inspector should stop by during each stage. This could mean before everything gets started, when new walls go up, after plumbing and wiring are in place, and so on. After each report, any needed adjustments can be made at minimal cost, saving homeowners time and money.