Home improvement can mean many different things to homeowners, from minor upgrades to a major renovation. It can be done on your own or with the help of professional contractors, who can handle everything from design to permitting and construction. Some projects are easier than others, but all should be done in accordance with local codes and laws to ensure safety and a smooth project.
In addition to a written contract, you should have copies of any and all warranties for materials and workmanship. The contract should also contain a clause saying what will be done if there are problems, and the contractor fails to live up to any promises. A contractor should also provide a written estimate before work begins and a detailed description of the work to be completed. This can include a timeframe, payment schedule, and an outline of what is included.
If you’re planning a large-scale project, you should consider getting bids from several contractors before hiring someone to do the work. Prices can vary greatly, and you should always weigh quality and experience when making a decision. While it can be tempting to go with the lowest priced option, it is generally wiser to find a contractor with whom you feel comfortable and who has an excellent track record.
You may be able to claim tax deductions for some home improvements, depending on whether or not they add value and prolong the life of the property. If you’re thinking of doing any big-ticket home improvement projects, check with your tax advisor first.
The most popular home improvement project is a bathroom remodel, followed by kitchen upgrades and a basement finish. While these projects can increase the value of your home, you shouldn’t spend more than 10% of your total mortgage balance on them. It’s also important to remember that you won’t necessarily get your money back when it comes time to sell.
Many of these projects are relatively inexpensive, and some can even be DIY. Painting, re-grouting tile and power washing the outside of your home are all great ways to boost curb appeal without spending much. If you’re worried about overspending on your home improvement project, try using one of the many online tools that can help you calculate costs and projected returns on investment for popular projects.
Don’t forget that there are a number of financing options available to homeowners for their home improvement projects. The majority of improvements are paid for with cash from savings, but the American Housing Survey also shows that high-dollar projects can be funded by a variety of sources, including cash-out refinances, home equity loans and contractor arranged financing.