Home improvement is any repair, maintenance, or upgrade to the interior and exterior of a residential real property. Home improvements are typically projects that add value to the property, extend its life, or adapt it to new uses. Examples of home improvements include painting, resurfacing or replacing pavement and driveways, and installing a deck or fence. Home improvements can also be more complex such as adding an addition, building a swimming pool, or putting in a new kitchen or bathroom. In general, home improvements provide an average of 70 percent return on investment, according to a study by the home remodeling loans platform RenoFi.
When it comes to home improvement, there are a number of factors that determine whether or not you’ll recoup your costs and see an increase in your property’s resale value. The most important factor is ensuring that the work you’re undertaking meets local codes and regulations. It’s also important to plan your project carefully and make sure to budget appropriately.
A well-planned home improvement project can yield high returns. However, it’s also important to remember that just because a certain type of renovation or improvement is popular doesn’t mean it will automatically boost your home’s resale value. In fact, some improvements can actually detract from a home’s value and turn buyers off.
For example, pools are a common feature in many homes, but they can be a big hassle for some prospective buyers. They’re also often expensive and require a lot of upkeep. Similarly, high-end features like marble countertops may be desirable to some homeowners, but they’ll likely turn others off.
In order to ensure that your home improvement project is done properly, you should always hire a licensed and insured contractor. Licensed contractors must pass a background check and prove that they’re qualified to do the work. They must also be up-to-date on the latest home improvement techniques and be able to meet local safety standards.
Moreover, you should always get all promises in writing before beginning any work on your home. This will protect you from being ripped off by a dishonest contractor. The contract should also contain the terms and conditions of any warranties for materials and workmanship.
If you’re planning a large-scale home improvement project, you should consider applying for a home equity loan or home equity line of credit (HELOC). These loans allow you to borrow against the equity in your home and come with lower interest rates than an unsecured home improvement loan. In addition, these types of loans are usually backed by the federal government.
If you’re not sure which home improvement projects to tackle or are having trouble finding a trusted contractor, get started with a free quote from a top-rated pro. Just enter your zip and you’ll be matched with up to 3 pros near you. Getting quotes is fast, easy and 100% free!