Home improvement is the repair, maintenance or restoration of residential real property. This can include but is not limited to kitchens, bathrooms, flooring and more. People renovate their homes for a number of reasons, including increasing the value of their home, improving the quality of living or making it more enjoyable.
A popular option for many homeowners is to hire a general contractor, but some choose to do it themselves (DIY). There are plenty of online resources available that can help guide the homeowner through the process, and there are also some tools like 3D design programs that can be used as well. Homeowners should be sure to do their research before hiring a contractor to ensure they get the best price and quality work. In addition to getting quotes from multiple contractors, they should also check with government programs that may be able to assist them with their project.
There are some projects that must be done to improve safety, such as electrical issues or roof leaks. These are things that can cause serious damage if left unattended and must be repaired immediately. Other home improvements are made with an eye towards resale, such as updating the kitchen or bathroom, or adding curb appeal with new windows or a front door. These types of renovations can add significant value to the home and are a good return on investment.
More and more homeowners are choosing to do their own projects during the pandemic instead of hiring professionals. A NerdWallet survey found that about 3 in 5 homeowners have taken on DIY projects since March 1 as a result of the coronavirus pandemic. However, about half of those surveyed wouldn’t allow home improvement or construction professionals to work on their homes due to safety concerns about the spread of germs.
There are several different financing options for those looking to make home improvements. According to the American Housing Survey, cash from savings accounts covers the majority of projects, but more expensive upgrades are often paid for through sources such as home equity loans, mortgage refinancing, credit cards or contractor-arranged financing. In some cases, homeowners even use government grants to fund these types of projects. Some of these programs are targeted specifically at those who are Native American, veterans or live in rural areas.