Home improvement is the process of repairing, upgrading or remodeling your home. It can be done for a variety of reasons; to make your home more comfortable, improve safety, increase resale value or just give it a fresh look.
The cost of your home improvement project is an important factor to consider. You may need to finance your home improvements using a variety of different sources, including loans and credit cards.
If you need a large amount of money for a project, home equity loans are one way to finance your renovation. They are typically installment loans that are repaid over 5-30 year terms via fixed monthly payments.
You can also use a home equity line of credit (HELOC). This option is similar to a second mortgage, except you borrow against the equity in your home rather than from a bank.
Home improvement projects should not be taken lightly; they can be expensive, time-consuming and potentially hazardous. Therefore, it’s important to do your research and find the best contractor for your home improvement needs.
A good contractor should have a license, insurance and be willing to provide references. They should also pass a test on home improvement law and general business competency, and be screened for serious criminal convictions.
A survey conducted by NerdWallet found that more than 95% of homeowners plan to undertake home improvement projects in the next two years. While most planned projects aren’t focused on resale, they do increase home comfort and satisfaction.