Home improvement is a booming industry that encompasses the sale of building materials, appliances, decor and other home enhancements. It also includes the services of contractors, tradespeople and other workers who perform home remodeling projects.
Home improvements are an important part of the economy, but homeowners should be careful when deciding which projects to undertake. Not all renovations add value and are worth the investment, and some may actually decrease your home’s resale value.
How to Improve Your Home’s Value Without Borrowing Money
If you want to increase the value of your home, consider a few key areas, such as adding a new deck or patio, upgrading kitchen and bathroom appliances, or making energy-efficient improvements. For example, a smart thermostat is a low-cost upgrade that can improve the comfort and efficiency of your home while also boosting its resale value.
Investing in your home is a great way to save money and enjoy life. But you should be careful of overspending and avoid any debt that could jeopardize your credit.
When hiring a contractor, check that they pass a Maryland home improvement law test and general business competency test. Be sure to sign a contract before work begins or any money is paid. You’ll also want to make sure the contractor is licensed by the Maryland MHIC. This includes a name, address and license number, which are usually preprinted on the contract. Using a licensed contractor ensures you won’t have to pay sales tax on the project.