Home improvement, sometimes referred to as remodeling, is the process of repairing or adding new elements to your home. It may include a kitchen remodel, bathroom remodel, or even a deck or porch addition.
The amount of money that homeowners spend on home improvements and repairs doubled in just a decade, according to the 2021 American Housing Survey from the U.S. Census Bureau.
A large percentage of the increase in the number of home improvement projects was caused by a surge in the construction of decks and fences, both outside and inside the home. But there are also other reasons for the rise in spending on home improvement projects.
Almost 1 in 4 (20%) homeowners who are planning to make a home improvement project within the next two years say that they plan to do so to increase their homes’ marketability, whereas 54% say that they want their homes to be more comfortable for themselves and their families, and 52% say that they are looking to be more satisfied with their homes.
Another reason that homeowners are making a home improvement is to increase the energy efficiency of their homes. By installing new windows, a heat pump or insulation, they can reduce their monthly energy bills and earn a tax credit at the same time.
While these types of projects can add value to your home, they don’t necessarily recoup all of the money you spend on them. This is why it’s important to choose a project that will actually enhance your home’s function and appeal while also adding value.
During a home improvement, it is very important to remember that safety should always be a priority. In particular, make sure to take precautions when working with electrical systems and plumbing as these can be hazardous.
It is also a good idea to have a licensed contractor handle your project. They will know what permits and inspections are required and will be able to provide you with a list of the work that needs to be completed.
Be sure to get a written contract from the contractor before starting any work. This will include a description of the work to be done and materials that will be used, as well as a schedule for when the work will be completed. It is also a good idea to have the contractor include a payment schedule.
Before committing to any home improvement, make sure that it will add to the value of your home and that the contractor will complete the work in a timely manner. This will ensure that you are not faced with a huge financial burden later on.
To ensure that you are getting the best deal and a fair price for your home improvement, make sure to negotiate with multiple contractors. This will help you to lock in a firm price and avoid any surprises along the way. It will also help to avoid any unscrupulous contractors who might try to take advantage of you.