In the home, there are many options for remodeling, renovating, or improving a home. The term “home improvement” encompasses projects that improve an existing home’s interior and exterior. These tasks include painting, adding new appliances, and even improving the overall value of a property. There are many benefits to home improvement, including increased property value and the satisfaction of doing something yourself. Here are some tips to get you started. Also, keep these tips in mind before beginning any home improvement project.
Cost
While there’s no one set number for costing out a home improvement project, a few factors may be influencing the cost. The cost of materials and labor is likely to be a factor, as is the going rate for contractors in different areas. A little research can go a long way in determining the costs of a home improvement project. Here are some guidelines to help you estimate the costs of a home improvement project.
The American Housing Survey is conducted every two years, and the most recent data was released in October 2017. The survey asked homeowners to report the costs of home improvements they’d completed in the last two years. The question could have been interpreted to mean from mid-2015 to January 2015. While the survey asks about home improvement projects, the survey does not differentiate between renovations and remodels. Further, the survey does not break down projects by scope or the quality of materials used.
Value
Investing in home improvements can increase the value of your property, but the ROI may not be dollar for dollar. It all depends on the improvements you make, your current home’s value, and your location. If you’re not sure which home improvement project to undertake, you can use Opendoor’s home improvement calculator. This tool will help you determine the most beneficial home improvement projects for your property. After reviewing the benefits and costs of different improvements, you should be ready to choose the best home improvement project to take on.
While remodeling can increase the value of your home, not all home improvement projects will translate into an increase in the value. Adding a second story will not attract buyers looking for a large house. On the other hand, upgrading the kitchen to include marble floors will make it less appealing to potential homebuyers. The overall cost of these projects may be less than you’d expect, but if they’re necessary for the safety of your family, you’ll be glad you did.
Financing options
If you’re looking to improve the appearance of your home without putting a dent in your savings, there are several financing options. Many credit cards offer interest-free introductory periods and allow you to use the funds to make the home improvements you want. These can be useful for small-scale projects that you can’t afford with cash. However, the interest rates on credit cards are some of the highest in the world. If you must use credit cards for home improvements, apply for a zero-interest-rate card, which can give you 18 months to pay back the balance. However, only if you can repay the debt within this time frame.
If you plan on extending the term of your loan, it might be wise to look into a home improvement loan that takes into account anticipated improvements. Home improvement loans base their equity on these improvements and disburse funds as your project is completed. You should always research your options before deciding on a home improvement loan, and make sure you understand the terms, interest rates, and fees. Once you’ve found a home improvement loan that fits your needs, you’ll be well on your way to a new, improved look for your home.
DiClerico’s advice
Regardless of your style and budget, home improvement doesn’t have to break the bank. Here are some tips to help you save money while completing a home improvement project. Housing costs can take up a large portion of your budget every month, so consider home improvements as a way to cut costs. Home maintenance costs are typically 2% to 5% of the purchase price of a home, which is an easy way to add value to your home and reduce your monthly expenses.
You can make your rooms look brand new with a fresh coat of paint and rearranging furniture. If you’re looking to sell your home in the near future, a quick update can increase the value of your home by several hundred dollars. Paint jobs can also be expensive, so opt for a cheaper, easier solution instead. Purchasing new cabinet handles or light fixtures is a great way to update your home, while saving money at the same time.