Home improvement is an ongoing responsibility for homeowners. Whether it’s fixing a leaky faucet or replacing worn carpeting, there are always projects to be done. Some are more important than others, however. If a fix will save money or prevent damage in the future, it should top the list. Other projects might help spruce up the look of a room or increase energy efficiency.
Many homeowners embark on home renovations with the goal of increasing their home’s resale value. They may think that a state-of-the-art kitchen or an in-ground swimming pool will add value to their property and make it more appealing for potential buyers. But not all home improvements add value and some may even decrease a property’s resale price.
Having the right home improvement tools is essential to tackle these projects. A basic tool kit will include a ladder, hammer, screwdrivers, pliers and paintbrushes. For larger projects, a power drill, drill bits and handsaws might also be needed. It’s best to hire a professional for larger, more complex renovations, especially when working with electrical wiring and plumbing.
A professional will know the correct safety precautions and how to complete the project in the quickest time frame. But before hiring a contractor, a homeowner should consider their skill level and decide if it’s smarter to take on the project themselves. It’s also a good idea to have a plan in place for the project, such as a timeline and budget. Lastly, it’s important to talk to a real estate agent about which renovations are most likely to pay off and add value to the property.
Homeowners should also consider the cost of a renovation and how they’ll finance it. If it’s a major project, a home equity loan might be an option. These loans are repaid over 5-30 year terms and are secured by your home. The maximum home equity loan amount is 85% of your home’s total value.
Other options for financing a home remodel include personal loans and credit cards. The latter typically have higher interest rates but offer more flexibility. It’s important to carefully compare all options and make the best choice for your financial situation.
Once you’ve completed a project, don’t forget to update your home insurance. The change in value will affect your coverage needs.
Despite rising material costs, renovations are still a top priority for homeowners this year. In a survey by online home renovation marketplace Houzz, most homeowners planned to hire professionals to remodel a bathroom or kitchen, while fewer were planning to make a cosmetic improvement like painting a room or sprucing up electrical wiring.