Home Improvement – What You Need to Know

Home improvement is the repair, maintenance or restoration of residential real property. It also includes the addition of new structures and features to a property such as a patio, deck, fence or garage. Some improvements are energy efficient, such as adding a heat pump or improved insulation. These upgrades can help lower your utility bills and increase the value of your home when it comes time to sell.

Many homeowners have already started or are thinking about starting a project this year. The COVID-19 pandemic may have triggered some, but the majority of those planning projects aren’t focused on making their homes more attractive to prospective buyers. Instead, the biggest reasons cited are making their homes more comfortable for themselves (54%) and feeling happier with their homes (69%).

It’s important to be careful with how you spend your money on home improvements. The last thing you want to do is put yourself in debt. If you can’t afford to pay for renovations in cash, consider reducing your spending or selling some of your extra possessions. You can also look into a credit union or community development financial institution that offers low interest loans for home improvements.

If you do end up hiring someone to complete your renovation, be sure the contractor is licensed and insured. Checking license and insurance, as well as checking business references, is essential to protect yourself from unscrupulous contractors.