Home Improvement – A Great Way to Increase the Enjoyment of Your Home
Home improvement is a great way to increase the enjoyment of your home. But it is important to plan your projects carefully and understand what type of renovations will add the most value. The return on investment (ROI) for home improvements can vary widely from a 100 percent to a mere 20 percent.
Generally, renovations with the highest ROI are kitchen and bathroom updates, additional bedrooms and bathrooms, finished basements, and decks. In order to get the best ROI, it is also important to choose high-quality materials and design details. However, it is important to remember that buyer preferences may differ from market to market, so it’s essential to research local trends before you begin any project.
The coronavirus pandemic has slowed some home improvement work, but many homeowners still have a strong desire to make upgrades to their homes. In fact, according to a recent survey from NerdWallet, more than three-fourths of homeowners say they are able to afford the majority of their planned home improvement projects without having to tap into savings or go into debt.
In addition, a majority of homeowners are confident they will be able to sell their homes within the next two years, which makes now an ideal time to invest in home improvement. Homeowners are also reporting increased satisfaction with their homes, with 74% citing increased happiness and 39% stating they were more satisfied with the overall look and feel of their homes after their projects were completed.
A home improvement is any change made to a residential building that enhances its function or appearance, or both. The term includes remodeling, repairing, renovating, modernizing, restoring, adding to or replacing the roof, foundation, siding, doors, windows, air conditioning and heating units, water heaters, furnaces and electrical wiring and systems.
It’s no secret that home improvement is a popular pastime, with the average American homeowner taking on 115 million projects during the past two years alone. However, what’s less well-known is that some of these projects aren’t worth the money. Almost half of all homeowners have not fully recouped the cost of their projects, and some of them are even causing problems with their homes’ integrity.
One way to avoid these issues is to plan ahead and stay on budget. Start by creating a project plan and budget, then use tools like modeling or design software to help you visualize the results before you hire anyone for the actual work. It’s also a good idea to negotiate a payment schedule in advance and withhold final payments until the project is complete and all required inspections and certificates of occupancy are received. In addition, Maryland law requires contractors to provide a written contract for home improvement work. It should include an estimate of the total project cost, a timeline for completion, and as many specifics as possible about the work to be performed, including types or brands of materials. The contract should also state the name and address of the contractor and have their MHIC license number preprinted on it.