Home improvement is a term that refers to the renovation and repair of a house. It could be a minor project like painting or installing new cabinets, or more extensive projects that involve re-building or extending a roof or siding.
It’s a popular way for homeowners to increase the value of their property or just make the place look better. However, not all improvements can add as much value as others and not all renovations are deductible on your taxes.
Choosing the Right Renovations for Your Home
When choosing a home renovation project, it’s important to think about what will make your home the most comfortable and enjoyable. This is especially true if you plan to sell your home in the future.
Some common renovations that can help improve your home’s resale value include adding bedrooms and bathrooms, expanding your kitchen, updating the plumbing, and enhancing your outdoor living space.
If you have a large budget, consider using a home equity loan to fund the renovations you want. These loans are typically repaid over 5 to 30 years and can be a great option for home improvement projects, debt consolidation, or long-term medical expenses.
Keeping Your Money Safe While Home Remodeling
The best way to avoid getting scammed on a home improvement project is to read the contract carefully and check references. If you do get involved with a contractor that doesn’t follow through on the work, you can file a claim for unpaid labor under the California Lien Law. You also can sue contractors who use fraudulent written statements to get you to sign a contract.
You can avoid this by hiring a licensed contractor who follows the Lien Law and has a good reputation. You should also look for a company that has a permanent location and offers warranties on its work.
Choosing the Right Material Costs for Your Home Renovation
Before you choose any materials or fixtures for your renovation, consider how much it will cost to replace them in the future. Some materials, such as hardwood floors, are expensive and can depreciate in value over time. If you’re not careful, the cost of replacing your flooring can add up quickly.
Keep Your Budget in Mind While Home Remodeling
Most people who renovate their homes do it with an eye toward improving their home’s resale value. This is often done by thinking about what will appeal to prospective buyers in the future, according to Houzz, an online home renovation marketplace.
It’s also a great idea to walk around your neighborhood and see what kinds of home improvements others have made in your area. This will give you an idea of what upgrades are popular and how much they will cost.
Depending on the type of home improvement, it may be worth your while to shop around before deciding on the best materials for your job. It’s a great idea to compare prices on a few different brands and styles before making a final decision, advises Mischa Fisher, chief economist at Angi, the contractor search service and house renovation site.