Home improvement projects don’t have to cost a fortune. You can do them for your own enjoyment or for the sake of your home’s resale value. However, it does pay to do a bit of research before embarking on any project.
For starters, there are laws in place that protect homeowners from being cheated out of their hard-earned money. If you hire a professional to perform work in your home, you should check with your local authorities to make sure the person you choose is licensed, insured, and has the required references. Depending on your state, you could also be hit with a $100 per day fine for doing any “home improvement” activity without a license.
Interestingly, a recent survey conducted by Axiom found that most Americans are a little less than excited about their home improvement plans for the coming year. The survey, which included a number of consumer categories, found that while a majority of consumers were planning to do some home improvement projects in 2021, the majority were not planning for the more complicated endeavors.
Among the most common home improvement projects are those to increase the size of the home. These include adding a garage, a deck, or a patio. But, if you want to boost the resale value of your property, you need to do more than just add some extra square footage.
Another must-do for a homeowner is to make minor repairs and upgrades. This includes updating fixtures and hardware, installing new flooring, and painting the interior and exterior of your home. It’s not uncommon for homeowners to refinance their mortgages to help them cover the costs of these improvements.
Other noteworthy home improvement initiatives include the renovation of your bathroom and kitchen, and replacing your roof or siding. In addition to adding real value to your home, these projects can be fun activities for the entire family.
Some home improvement projects require a lot of sweat equity, but others are a snap. And while it may be worth it to pay someone to do these jobs for you, there are plenty of home improvement programs available that will reduce the cost and make the process more convenient. Using a rewards card or credit card with a 0% introductory APR can help you pay for your home improvements.
When it comes to home improvement, the most expensive project will probably be the new kitchen. But the best bet is to stay within your budget and make upgrades that are a must-have for your friends and neighbors. To keep costs down, look for quality upgrades, such as a new sink, faucet, or lighting fixtures, that appeal to a wide variety of buyers.
While the Axiom survey didn’t delve into the actual cost of these and other home improvement projects, experts say they can range from a few hundred dollars to several thousands. Of course, if you’re planning to upgrade your home, it’s a good idea to check with your CPA or financial adviser to make sure that you’re getting the best deal possible.