Home improvement is the process of making changes to a house to improve its comfort, appearance, or function. It can include renovations, additions, remodelling, and other changes. Home improvement is a popular pastime for homeowners and has led to a robust industry, with many companies offering materials, services, and financing options. Despite the COVID-19 pandemic, homeowners have continued to invest in their homes and renovate to make them more livable and appealing. In 2022, 73% of homeowners invested in a home improvement project, according to the LightStream Home Improvement Survey.
A good start to any remodeling project is the planning phase. Draw up a list of projects you want to tackle and separate the ones that require professionals from those that can be done DIY. This way, you can prioritize the projects based on their impact and your skill set.
Next, consider your budget and how you plan to pay for the work you want to have done. You can save up cash over time, or you may qualify for a home equity loan. These loans are structured like mortgages and have a predetermined payment schedule that includes both principal and interest. They are a great option for those who have a clear sense of what their project will cost and for whom the work is an important part of the overall lifestyle of the home.
If you choose to use a home equity loan, it’s wise to get a professional opinion from a qualified contractor before starting any work. This will help ensure that the project is completed in a timely manner and within your budget. The contractor should also give you a detailed list of all items that will be included in the work, as well as any special conditions such as permits or inspections.
Finally, make sure that the improvements you do are consistent with the home’s character and with neighboring properties in your neighborhood. It’s also a good idea to look at the current sales prices of similar houses in your area to see what kind of value you can expect to recoup from your improvements.
The best projects to complete are those that will add value to your home over the long term. For example, installing LeafFilter water systems will reduce your reliance on expensive bottled water and can save you money over time. Also, a stair lift can reduce the risk of injury and increase your independence as you age. Keeping up with regular maintenance and repairs can also help you avoid costly repairs down the road. These simple fixes will improve your quality of life and add value to your home over the long term.
