Home improvement can be a great way to update your house and make it more comfortable and functional. It can also add value to your home and help it sell more quickly if you decide to put it on the market in the future. But before you dive in, be sure to keep these tips in mind:
1. Pay for your project with cash or savings
While it can be tempting to borrow money for a home renovation, it’s always best to save up for your project before you start. This will give you a peace of mind, as well as give you a cushion of cash to cover unexpected costs.
2. Hire a professional and get estimates
Hiring a professional contractor is an excellent way to ensure your home improvement project is done correctly the first time around. They can provide recommendations and estimates on costs, materials, and timeframes. They can also provide advice on how to avoid common home improvement mistakes and how to maximize your budget.
3. Consider a home equity loan or line of credit
A home equity loan, or second mortgage, is a type of loan that uses the existing equity in your home to finance home improvements or other major expenses. They typically have fixed rates and repayment terms of 5-30 years.
4. Choose wisely, and prioritize projects that increase the value of your home
Many homeowners want to make their homes as beautiful and comfortable as possible. While this is a perfectly fine goal, there are some upgrades that can actually hurt your home’s value and even harm its saleability. For instance, putting in marble floors in the bathroom will likely not add much to your home’s resale value, and it can even decrease your overall living space.
5. Don’t make expensive mistakes that can cost you more in the long run
The best way to avoid making costly mistakes is to do your research and shop around before you begin a home improvement project. Look at your local area to find contractors and other professionals who specialize in the home improvement field, and ask about their reputations. You can usually get a good idea of whether they have a good track record by checking with your Better Business Bureau or consumer affairs department.
6. Stay on top of repairs and maintenance
Another great way to stay ahead of the game when it comes to your home’s upkeep is to regularly schedule maintenance work and minor repairs. Having small, regular maintenance tasks completed will help prevent big problems in the future.
7. Ask a designer for a consultation
If you have big plans to renovate your home, it’s always a good idea to have a professional interior designer check out your plans. These professionals are trained to spot potential problem areas and suggest inexpensive ways to fix them before they turn into major costlier repairs.
They can also recommend the right paint color and furniture placement for your room. They will know what types of upgrades will add value to your home and how to use the space to its maximum benefit.