Home improvement, also known as home renovation and home remodeling, consists of different types of projects designed to improve an existing home. These projects include enhancing a home’s interior or exterior, or improving property value. Here are some tips to help you save money when you do home improvement projects. If you are interested in learning more about home improvement, keep reading.
Home improvement projects
Home improvement projects are an excellent way to add value to your home. A kitchen or bathroom makeover is a great place to start. If you plan to stay in your home for some time, you may wish to add an extra bathroom, update the bedroom, or even convert the basement into a living space.
Cost of home improvement projects
One of the best ways to save money on home improvement projects is to keep track of the costs as you work. Although you can’t deduct home improvement costs until you sell your house, keeping track of these expenses can help you lower your taxes when it comes time to sell. Even small projects can add up, so keeping track of your expenses is key.
Cost vs. value of home improvement projects
According to a new Cost vs. Value Report from Zonda, exterior home improvement projects are the most valuable and give the highest return on investment. The study analyzed 22 popular remodeling projects and the resale values of those projects in 150 housing markets across the U.S.
Tips to save money on home improvement projects
Before you hire contractors, decide which improvements you want to make and decide on a budget. You can also research the cost of materials online or get rough estimates from neighbors. Once you’ve compiled estimates, add them up. Make sure to add 10% to 15% to account for cost overruns. In today’s climate, this amount should be closer to 20%.
Resources for home improvement loans
If you’re looking to make improvements to your home, but don’t have enough money to do it, home improvement loans can help. These loans are often paid back over time in installments, though some loans are paid off in full after a specified period of time. Many home improvement loans are available through financial institutions, banks, and other sources.
Tips to find a qualified contractor
Before you select a home improvement contractor, you should ask around for recommendations. These recommendations can help you narrow down the field to a few qualified candidates. Once you’ve identified a few potential candidates, it’s time to discuss the project details with them. Often, the more detail you can provide, the more accurate your estimates will be. It’s also a good idea to request multiple written project estimates. You don’t want to settle for the cheapest contractor, so don’t be afraid to ask questions about how the various costs compare.