Home is more than a place to call “home”, it’s an investment for your future and renovations can help increase its resale value in the long run. But some renovations might actually backfire on you and cost more in the end than they return in returns.
Home improvement projects must be planned carefully and this guide offers expert tips and DIY advice on how to upgrade your house. From fixing leaky faucets to updating kitchens, this book contains helpful hints that will assist in any project completion.
Homeowners have increased their time spent at home due to social distancing associated with pandemic-related social distancing, taking the opportunity to upgrade and make upgrades. According to the American Housing Survey (AHS), three out of five homeowners report doing some kind of home improvement or repair since March 1.
While many projects provide an obvious return on investment (ROI), some only bring short-term gains. Trendy kitchen remodels may prove expensive over time. Instead, consider more permanent improvements like adding an extra bedroom, finishing a basement or upgrading appliances; such projects won’t rely on passing trends to add value over time.
Consider how your project will affect daily living before undertaking it. For instance, if it requires altering the layout of your home to accommodate for it, temporary relocation may be required or steps should be taken to protect family members from dust and debris. Also make sure that when hiring professionals to compare estimates, check references, and seek recommendations from friends and neighbors.
When hiring a contractor, it is wise to work with one who is licensed and insured and to establish a written contract before beginning work or paying money. The agreement should include details about the work to be performed as well as materials that will be utilized and their costs as well as dates when the performance will start and be substantially completed.
Most homeowners cannot afford to finance home improvement projects on their own, so financing options are readily available. While cash from savings is usually sufficient for smaller improvements, more costly ones typically need financing through personal loans, credit cards, home equity lines of credit (HELOCs), or contractor-arranged arrangements. When using your home equity to finance major renovations it’s essential that you understand how the loan may impact both mortgage payments and tax situations.
