Home improvement is the term used to describe any renovation or improvement to a residential property. Home improvements can be as simple as painting or power washing to a more extensive remodel like adding on an addition or installing a new kitchen. The most important part of any home improvement project is hiring the right contractor for the job. There are many different options when it comes to contractors, so it is important to do your research and find the best one for you.
According to the American Housing Survey, homeowners completed about half of their renovation projects in the past two years without tapping into savings or going into debt. But many of the other improvements, such as replacing a leaking roof or upgrading an old HVAC system, are not so affordable.
As a result, more than a fifth of respondents said they had to make sacrifices or go into debt to complete their renovations. And a few even ended up selling their homes to pay for the work.
The good news is that if you’re smart about the projects you undertake, you can add value to your home without running into major financial trouble. Generally, it’s best to stick with the basics and settle for midrange fixtures rather than high-end options that will only turn off some potential buyers.
Keeping up with your home’s maintenance is an inexpensive way to add value, but be sure to hire licensed contractors and get quotes before starting any work. The last thing you want is to get ripped off by an unscrupulous contractor.