Home improvement, a term that encompasses renovating, remodeling or upgrading your home, can be a huge financial investment. But it can also be a rewarding experience, particularly if you do your research and plan well.
Home improvements can include a variety of projects, including painting, adding an extension, replacing your roof or fixing up a bathroom. The cost of these renovations will depend on a number of factors, such as the size of the project, the labor costs and the materials used.
The resale value of home improvements often depends on the quality of the upgrades you make and how they fit in with your home’s aesthetic. Some expensive projects, like building a deck or installing marble floors in the bathroom, may not add as much to your home’s resale value as cheaper options that fit in with the style and needs of most potential homebuyers.
Using home equity loans is another way to fund your home improvement. These loans are typically installment loans that are repaid over 5-30 year terms, with fixed monthly payments.
These loans can be a good option for homeowners with good credit who want to do a larger home improvement job that they can’t afford to pay out of pocket. It’s important to consider the loan terms, as well as your credit report and debt-to-income ratio when deciding whether a home equity loan is right for you.
If you’re a homeowner who wants to improve your home, but isn’t ready to put the work into your own wallet, you can always apply for a government-backed program that helps with home repairs or renovations. Currently, the Home Improvement Program offers grants to help low- and moderate-income homeowners with major repairs or upgrades that may improve the health, safety and functionality of their homes.
Some of the most popular home improvement projects are painting, adding an addition and updating the kitchen or bathroom. These are a great way to make your home more comfortable and functional, as well as increase its overall resale value.
Many of these projects can be done by a contractor, but it’s best to hire someone who has the expertise you need. Be sure to shop around for contractors and compare their pricing and quality.
The American Housing Survey has found that the top five home improvement projects homeowners have completed in the last two years are adding an additional bedroom or bathroom, converting garages into living space, installing hardwood flooring and replacing countertops. These are all relatively inexpensive, affordable upgrades that can have a positive impact on your home’s resale price.
Other common home improvement projects include adding a porch, deck or patio. The trend of home improvement is growing because of rock-bottom interest rates, as well as the desire to spruce up a dated home.
In some cases, you may need to replace or repair major systems in your home, such as a roof, water heater or heating system. In these cases, the federal government provides low-interest loans to eligible homeowners.