Home improvement is a great way to add value to your property. In addition, it can also help you make the most of your living space. You can find many projects to choose from, from simple to complex, that you can do yourself or hire a professional to complete. However, it is important to have a clear idea of what you want to do and your budget before you start. This will ensure that your project is completed on time and within budget.
In 2021, the average homeowner spent $4,838, on average, on home improvements during the two years leading up to this survey, and the most expensive projects were kitchen renovations and security system installations. But homeowners also made a wide range of other improvements, including landscaping work and replacing windows.
One of the main reasons that home improvement projects increase in popularity is because of rock-bottom interest rates, which make these investments more attractive. They can also be a source of comfort during unsettling times, as they are an easy way to feel like you’re making a solid financial investment in your home.
Another factor driving home improvement projects is a desire to upgrade worn-out surfaces, finishes and materials. This was the top motivation cited by respondents, followed by a desire to improve livability and add features.
Some projects, though, may not add significant resale value to your home, and you should be sure to do your research before committing to them. If you’re planning on selling your house soon, it’s a good idea to consult a real estate agent about the changes that you’re thinking of making before spending any money. They can help you pick upgrades that will be most appealing to prospective buyers.
While some homeowners are still upgrading their homes, others have been putting off bigger home improvement projects. This is likely because the pandemic has slowed, and many people were already planning to renovate before it began. The NerdWallet survey also found that fewer than half of all homeowners who took on remodeling projects during the past two years say they were able to easily pay for the majority of them without tapping into savings, going into debt or making sacrifices.
Lastly, it’s important to hire a licensed contractor for any home improvement projects. A licensed contractor will have a valid license number, and they should also be bonded, insured, and reputable. They should be able to provide you with a contract for the services they are offering, which will clearly define payment terms and any warranties that may apply to the work. It’s a good idea to check whether a contractor has any complaints against them, as well as to verify their business address and contact information before hiring them. You can also use a service that provides a list of verified contractors who can do the home improvements you’re interested in. This can save you a lot of time and effort by narrowing down your options.