Home improvement, also called remodeling and home renovation, is the process of modifying an existing home or property. Often, it involves renovating the interior and exterior of a home. This process can increase the value of a home and its overall appeal. There are many different types of home improvement projects. This article will cover the benefits and costs of each, as well as discuss how to finance, DIY, and hire a contractor to complete the work.
Cost vs. value
The 2021 Cost vs. value of home improvement report from Zonda provides a handy guide to how much a project will cost and how much it will resell for in your market. The report analyzes 22 popular remodeling projects and their resale values in 150 different U.S. housing markets. It also includes local GDP, housing starts and home sales data. And while there is no one-size-fits-all solution to home improvement costs, a few factors stand out as being more influential than others.
First, consider that not all projects have the same ROI. In the report, the highest ROIs come from exterior replacement projects. While exterior replacement projects may seem to offer the most return for your dollar, they aren’t always the best choice. Compared to other types of projects, exterior replacement projects are the best investments for most people. And remember: you can’t take a $1000 door handle with you when you move.
Before you begin searching for financing options for your home improvement project, determine how much you need to spend. You’ll need to factor in materials and contractor fees, and ensure that you’re not overextending yourself. To get a better idea of how much you need to borrow, many lenders allow you to perform a soft credit inquiry. This won’t affect your credit score, but it will help you determine eligibility and estimate loan terms. Once you’ve identified your needs, take the time to research a number of lenders and compare their rates and terms. A low-interest rate is key.
The simplest financing option for home improvement is cash. While this is the most straightforward option, it’s not always practical for larger renovations. Large renovations can be expensive and saving up enough money to fund them may prove to be impossible. If you have saved up the money, however, cash may be the best option for smaller projects. Cash is also the best option for homeowners who want to avoid finance charges, interest payments, and foreclosure risks. However, if you’re thinking about a major renovation, you’ll probably need to seek financing.
Do you have the time, money, and skills to perform your own home improvement projects? If so, you might be surprised to learn that there are many DIY options for home improvement. If you want to save money while completing your projects, consider home improvement financing. Download our free eBook, “The Complete Guide to Spring Home Improvement Financing,” to learn more. In addition to following instructions carefully, you may also want to consider using professional help.
Another great home improvement project is to re-upholster your furniture. A weekend can be enough to convert a closet into a home office, including custom shelving and a desk. This type of home improvement is inexpensive and can increase the value of your home. There are also several other projects that you can complete on your own, including installing new flooring, fixing appliances, and painting. While you may have a hard time performing a certain home improvement project, you can still save money by completing these easy-to-follow projects yourself.
Hiring a contractor is a good idea if you want your home improvement projects to turn out perfectly. If you’re a do-it-yourself enthusiast, home improvement projects can be quite overwhelming. The complexity of dealing with subcontractors, setting a timeline, and staying on budget can become a burden. Some contractors specialize in specific projects while others work on all sorts of projects. Whichever you need done, contractors can provide all the materials, supplies, and labour you need.
Make sure you hire a licensed contractor who has experience working on similar projects. In addition, look for references and check for licenses and insurance. You should also ask about the contractor’s reputation. Good contractors are always happy to answer questions, are easy to communicate with, and seem excited to get the job done. It is best to get references before making a final decision. Also, make sure to ask for a list of satisfied customers, suppliers, and subcontractors.