Home improvement can be an excellent way to add value to your home while making it more comfortable for you and your family. However, some projects are better for the wallet than others, and you should carefully consider the long-term return on investment of any renovation before starting it. Ultimately, the best projects will improve your quality of life while providing a solid return when it comes time to sell.
In the last three years, homeowners have shown renewed interest in renovating their homes. According to Real Estate Witch, the average homeowner spent $3,890 on home improvement projects in the past year alone. However, homeowners must carefully weigh the costs and benefits of home improvements and be aware that these projects often go over budget. Many contractors may also take advantage of naive consumers by charging more than they should for work. To protect yourself, be sure to read reviews and consult the National Association of Consumer Advocates before hiring a contractor.
There are a number of ways to finance home improvement projects, and each has its own advantages and disadvantages. For example, a personal loan from a bank or credit union is typically easier to obtain and has lower interest rates than loans from an online lender. In addition, you can apply for a line of credit with some lenders, which allows you to withdraw funds as needed. However, these loans usually have variable interest rates and may have early repayment fees.
Another popular option is to use a home equity loan, which provides a lump sum of money that you can pay back over time at a fixed interest rate. This type of loan is especially helpful when you need to finance a major project, such as an addition or kitchen remodel.
Choosing the right contractor is an important step in any home improvement project. Getting estimates from several different contractors is a good idea, but you should also check with friends and neighbors for recommendations. You can also check with local Better Business Bureaus to see if any complaints have been filed against a particular contractor. A reliable contractor should have a valid Maryland Home Improvement Contractor (MHIC) license and should provide you with a contract for the work before beginning any work. The contract should state the price of the work and should be signed by both the contractor and the homeowner.
Whether you’re looking to upgrade your living room with new light fixtures or give your master bathroom a facelift, there are plenty of DIY home improvement projects that can be done at a fraction of the cost of a full-scale remodel. Additionally, you can make your home more energy-efficient and environmentally friendly by installing smart thermostats or adding insulation. Lastly, don’t forget to regularly walk around your house and keep a list of any repairs that need to be made. Small problems, such as a leaky faucet or a loose doorknob, can turn into bigger issues over time and reduce your home’s value.