Home Improvement Ideas For Homeowners
Home improvement is the process of improving the interior or exterior of a home. It is a common activity for homeowners and can be done for a variety of reasons. Home improvements can increase the value of a house or make it more livable for its residents. It can also be done as a way to improve energy efficiency or reduce utility bills. Home improvement projects are often performed by professional contractors, but some can be done by the homeowner.
The popularity of home improvement shows on television has helped to fuel interest in DIY home renovation projects. These programs showcase the work of experts and often provide tips, tricks, and advice for homeowners looking to complete a project on their own. For example, the show This Old House, which debuted in 1979, followed the step-by-step restoration of a Victorian era home. This show, along with shows like Bob Vila’s Home Again and Trading Spaces, fueled interest in DIY home remodeling and contributed to the growth of the home improvement industry.
Despite the popularity of these shows, most homeowners still hire professionals to complete home improvement projects. A contractor can offer valuable advice about the best types of improvements to make and help homeowners avoid making costly mistakes. It is important for homeowners to carefully research a contractor before hiring them. They should check a company’s credentials, such as licensing, insurance, and consumer reviews. Additionally, homeowners should always get a written estimate before beginning any home improvement project.
While many homeowners enjoy renovating their homes, some renovations may not increase a home’s resale value. Some projects, such as installing a hot tub in the backyard or adding decorative fixtures, may not appeal to potential buyers. Homeowners should consult with a real estate professional before making any high-end home improvement projects to learn about which upgrades will provide the best return on investment.
Although home improvements can be expensive, many homeowners are able to avoid going into debt by paying for their projects with cash from savings or other sources such as credit cards and loans from friends and family. According to a September survey by NerdWallet, about three-quarters of homeowners who have completed projects say they were able to pay for the majority of their home repairs without tapping into savings or going into debt. However, more than half of those who have taken on major renovations in the past two years said they used some form of financing to fund their projects, including cash-out refinancing, home equity loans, contractor arranged financing and credit cards. Using credit to fund home improvement projects can add thousands of dollars in interest charges to the cost of a project, making it more expensive than it would have been had the borrower paid for the project in cash. This is especially true for home equity lines of credit, which typically carry significantly higher rates than other credit products.