Home improvement is a general term for all sorts of work, from small projects to major repairs. It includes everything from adding trim to windows to fixing a leaky roof.
When thinking about a home improvement project, it’s important to consider whether the changes you make will add value or decrease it. The answer to that question depends on the type of renovation you plan.
Some renovations will definitely add value, while others will detract from your home’s resale price. It’s a good idea to find out what will increase your home’s value and what won’t before you start the planning and budgeting process.
The resale price of your home is largely determined by the state of your housing market and the local housing affordability. If you live in a poor neighborhood, then you’re likely to have to invest more money in your home than someone in an ideal location would.
Regardless of where you live, it’s always a good idea to do your research before you start a project. You can do this by reading online forums, talking to friends who have done the same things, and by looking at similar homes for sale in your area.
Doing your research is especially important if you’re considering a major renovation like adding a new addition to your home. You’ll need to get estimates from several contractors before deciding on the best one for the job.
Contractors vary in their prices, experience and reputation, so it’s important to compare as many of these factors as possible before hiring one. You should also pay attention to the quality of the work, their ability to complete a job on time and the warranty that comes with their services.
Avoid contractors who don’t provide you with a contract. Maryland law requires that all home improvement contracts be in writing and signed by both parties before any work begins or money is paid. This contract should contain a timeline for the work, as well as a payment schedule and details about any warranties that are included.
You should also avoid contractors who aren’t licensed in your state. If you hire an unlicensed contractor, you may not be protected by the state’s Home Improvement Commission’s Guaranty Fund if there are problems with the work.
If you’re unsure about any aspect of the contract, ask for written statements or clarifications. It’s a good idea to have your contract reviewed by a lawyer before signing it.
It’s important to understand the risks associated with home improvement and remodeling, which are typically higher than those of buying a new home. For example, a homeowner who makes an expensive change to the interior or exterior of their home, such as a kitchen renovation, could end up losing a substantial amount of money if they later sell their home.
A lot of homeowners embark on major remodeling projects with an ulterior motive — to increase their home’s value. But this isn’t always the case.