Home improvement is a great way to enhance your home and increase its value. However, before beginning any project, make sure that you know exactly what it will cost and the return on investment. The best way to do this is by researching contractors in your area. Read reviews and ask friends and family for recommendations. Once you have narrowed down your choices, ask to see references and check their licenses. Additionally, it is important to find out whether a contractor has liability insurance in case of an accident. In New York City, Suffolk, Nassau, Putnam and Rockland counties, contractors must carry liability insurance to work on homes.
As the pandemic continues to cause chaos and disruptions in people’s lives, many homeowners have been using their free time to undertake home improvements or maintenance projects. According to a series of homeowner surveys conducted by The Farnsworth Group and the Home Improvement Research Institute, DIY home improvement activity has surged during the pandemic.
The surveys found that the most popular DIY projects have to do with outdoor work, such as landscaping and building fences. The number of homeowners hiring landscapers has climbed nearly threefold and the number constructing fences has increased almost 140%. Other outdoor projects that are surging include laying brick patios, painting exterior surfaces and replacing gutters.
It is likely that the interest in DIY home improvement will continue to grow this year as more Americans use their extra time at home to improve their living spaces. The increase in renovations is boosting home remodeling and improvement company revenues. In addition, lower interest rates have made it more affordable for homeowners to borrow money for home improvement projects.
While there is a growing trend toward DIY home improvements, it’s important to understand how much your house can actually afford before you decide to start a project. The last thing you want is to go over budget and end up in debt. If you don’t have enough equity in your home to finance a project, you may be able to get an FHA loan or a personal loan.
When it comes to resale, it’s also important to keep in mind that not all home improvement projects will add value to your home. You should focus on making improvements that will benefit you the most. This is especially true if you are planning to sell your house within the next few years.
Generally, a remodel that increases your living space will add the most value to your home. In contrast, a kitchen or bath remodel only has a slight return on investment in terms of higher home prices. However, the ROI is often determined by neighboring home values, so it’s a good idea to talk with a local realtor about which renovations are worth the money. In general, the best investments are those that will boost your home’s marketability. For example, if your home has a cracked driveway or outdated landscaping, this could detract from its curb appeal and make it harder to sell.