Home Improvement – Things to Consider Before You Start a Project

The home improvement industry has experienced high growth results in recent years. This sector encompasses the sale of building materials, furniture, appliances, decor and services offered by contractors, plumbers, electricians and other tradespeople who help homeowners renovate or improve their homes.

Home improvement refers to the remodeling, altering, painting, repairing, renovating, restoring, moving or demolishing of residential and noncommercial property and the making of additions to it. This includes, but is not limited to:

According to a study by NerdWallet, nearly all homeowners (95%) say they consider taking on home improvement projects in the next two years. Some of the most popular projects include adding a bathroom, converting an attic or basement into living space and installing a new kitchen.

But before you start picking out paint samples, think about why you want to make changes to your home. Do you plan to sell it? If so, you may want to focus on upgrades that can increase resale value. This might mean turning a bedroom into an office or installing energy-efficient windows.

Increasing your home’s efficiency may also help lower your utility bills, which could offset the cost of the project. However, before you invest in an upgrade like this, consult a real estate agent or energy expert to ensure it’ll pay off when you’re ready to sell.

Another factor to consider is your current financial situation and whether you can afford a new loan. A personal loan may be the better option if you have a good credit score and plenty of equity in your home, but if you’re not in a great place financially, a cash-out refinance or home equity loan may be a more suitable solution.

When it comes to choosing a contractor for your home improvement project, be sure to research them thoroughly. Look at reviews, their reputation in the industry and their licenses and insurance coverage. Also, ask friends and family for recommendations. Having a reputable contractor will not only save you time and money, but it will also ensure that your project is completed safely and correctly.

The coronavirus pandemic has changed how some homeowners feel about having contractors in their home. In fact, according to a survey conducted by Lowe’s and Home Depot this week, more than half of Americans would be more cautious about allowing home repair professionals into their house during the pandemic. That’s why it’s important to discuss any safety concerns you have with the contractors you hire and to establish expectations for mask-wearing, cleanliness and other precautions before they get started on your project. It will prevent any misunderstandings later on, should you decide to sell your home in the future.