Home improvement is the practice of renovating or repairing homes. This industry includes the sale of building materials, appliances and decor as well as services provided by contractors, plumbers, electricians and other workers who help homeowners build or modify their homes.
Home improvements are a great way to get more out of your home, whether it’s creating a new space or making repairs that will help you stay comfortable. However, it’s important to understand what kinds of upgrades will add value and which ones won’t. If you’re planning to sell your home in the future, it’s especially important to choose upgrades that will appeal to a wide range of potential buyers.
According to our September survey, 80% of homeowners who have done home improvement projects say they were easily able to pay for them without tapping into savings or going into debt. That’s up from 76% in our previous survey. But the percentage of homeowners who are able to afford their planned projects could change if economic factors such as inflation and the likelihood of a recession play a role.
When choosing a contractor, make sure they are licensed and insured, have a good track record and positive reviews. You should also ask to see proof of any work they’ve performed in the past. Lastly, be sure to compare rates and fees before hiring someone. You can do this by checking the company’s website or contacting them directly. Alternatively, you may consider using an online service that aggregates home improvement service offers and acts as the middleman.
Before you start any home improvements, it’s important to set a budget and stick with it. This will help prevent overspending and ensure that the project is completed in a timely manner. It’s also a good idea to plan ahead, so you have enough time to find the best materials and hire the right professionals.
One of the biggest mistakes homeowners can make when undertaking home improvement projects is not getting estimates and quotes from multiple vendors. This can cost you both money and time, and it may not result in the best possible outcome for your home.
While there is a large “grey market” of unlicensed contractors, you can protect yourself by hiring reputable companies that are members of a trade association or accredited by a professional organization. Additionally, you can use a credit card or an online peer-to-peer lender to finance your renovations.
There are several types of home improvements that can increase the resale value of your house, including adding bedrooms and bathrooms. Another popular option is to convert a garage into living space, which can increase your square footage and allow you to accommodate a growing family. In addition, it’s important to keep in mind that high-end upgrades can be a turnoff for some prospective home buyers, so you should avoid putting too much money into your remodeling efforts.