Home improvement, also known as renovation or remodeling, is the process of making alterations to your home. This can include upgrading the interior (electrical and plumbing), exterior (masonry, concrete, siding, roofing) or other aspects of your property.
Many homeowners use home improvement projects as a way to add value to their homes. However, you should be careful to not overspend or take on too much debt when completing renovations.
1. Invest in upgrades that appeal to a broad audience, rather than those that are over the top.
If you want to increase the resale value of your home, it is important to select upgrades that are not only practical and functional, but appealing to a wide audience. For example, don’t go overboard with marble flooring or luxury appliances in a bathroom because these upgrades are likely to not recoup their costs when it comes time to sell.
2. Be sure to choose a contractor who can be trusted.
You need to be sure that the contractor you hire is reputable and has been in business for at least five years or more. It is best to ask for references from your friends and neighbors who have used the contractor before you hire them.
3. Don’t pay more than 1/3 of the contract price up front.
When a home improvement contractor agrees to work on your property, they must provide a detailed written contract that includes the agreed upon price for the work to be performed. It should contain the materials to be used and the dates when the work will be completed.
4. Make sure the contractor is insured and licensed.
If a contractor is not properly insured, you may be liable for injuries to workers or damage to your property. To ensure that a contractor is insured, check with your local Better Business Bureau to see if there are any complaints against the company.
5. Keep your goals in mind when deciding on a project.
Whether you’re adding a second bedroom or expanding your garage, it’s best to choose upgrades that will benefit both you and your family. For example, a bigger kitchen can make your meals easier while increasing the usable space in your home.
6. Consider energy efficiency.
Adding a new roof, new windows or a heat pump can reduce your energy bills and help you save money over the long run. It can also be a big selling point if you plan on putting your house on the market in the future.
7. Tiling is a great choice for a home upgrade.
If you’re a DIY enthusiast, tiling can be an excellent project to tackle yourself. It will be more cost effective in the long run and it will look professional, which will be an asset if you decide to sell your home in the future.
8. Choosing the right materials is a critical part of any renovation project.
Oftentimes, homeowners don’t realize that the type of materials they’re using will have an impact on the resale value of their homes. If you’re planning to remodel your kitchen, make sure to purchase quality cabinets and countertops that are a good match for the existing decor.