August 7, 2022

Home improvement

Home improvement is a term used to describe projects that involve renovating or improving an existing home. It can include both interior and exterior home projects that enhance a property’s aesthetic value. It can also include repairs and energy efficiency upgrades. Listed below are a few common home improvement projects that can enhance the value of your property. If you are considering undertaking a home improvement project, make sure to consider the cost and time factor before starting a project.

Renovations

Whether you’re remodeling your kitchen or replacing your floors, renovations can bring big returns on investment. While most renovations are done to increase the livability and appeal of a space, some are intended to increase its value. If you have a two-car garage, a game room might be the perfect replacement. Regardless of your renovation goals, make sure you consider the market value of your home before you get started.

Additions

There are many reasons to build additions to your home. Some of these reasons are based on comfort, while others are motivated by monetary concerns. Whatever your motivation, an addition can increase the value of your home. Consider the following tips before hiring a home addition contractor:

Repairs

Inflation, labor shortages and delays in home repairs are increasing the cost of home maintenance. A survey by Acorn Finance showed that 30% of homeowners planned to spend more than $10,000 on home projects in 2022. With the cost of materials and labor increasing, homeowners should budget for repairs now. While it may be tempting to put off these essential repairs, if you are unable to do them yourself, you should consider hiring a professional.

Energy efficiency

An energy efficient home can save homeowners money and protect the environment, and these improvements are beneficial for both people and the planet. Energy efficiency upgrades can also improve a home’s value. Energy efficiency upgrades can be made gradually over time, or they can be undertaken as a single project. If you can’t afford the costs upfront, you can consider using a home equity line of credit card to pay for the work. Here are some tips to help you get started:

Contractors

While you may not have to be a licensed contractor to do home improvement work, it does help to know what to look for. Home improvement contractors should have the technical know-how and experience to perform the work you need done. If you hire a contractor who doesn’t have this knowledge, you may end up with issues that you cannot fix yourself. Therefore, you should research a contractor carefully to make sure they are licensed to work in your area.

Loan options

Various loan options are available for financing home improvements. Home equity loans, for example, can be used to finance renovations, upgrades, or other improvements. A home equity line of credit gives homeowners the flexibility to take out money as they need it and repay it at a fixed rate. The downside to home equity loans is that the lender can seize your home if you fail to repay the loan. For these reasons, it’s important to do thorough research and compare different options before choosing one.