A home improvement project is an initiative to renovate or improve your existing property. These projects include interior and exterior changes. Depending on your specific needs, these projects can range from small-scale fixes to major overhauls. In any case, home-improvement projects are a great way to add value to your property. To make the most of your efforts, consider hiring professionals to complete the project for you. Here are some tips:
Loans: Investing in home improvement projects is more affordable now than ever, thanks to the low interest rates. Not only are interest rates low but spending on your home is also a comforting investment in these unsettling times. Many homeowners choose to improve their exteriors. In fact, the number of people installing fences and building decks has increased almost three-fold since March. Other types of exterior home improvement projects include hiring landscapers and building decks.
A home improvement project that adds value to your home may increase its market value. While a bathroom renovation adds value to a home, it also adds to the overall property’s livability. Depending on the type of project, a bathroom remodel can add up to $20,000 in value. Other projects, such as kitchen renovations, can increase the market value, but make sure to consult an expert before undertaking any home improvement project.
Before hiring a contractor, make sure you have a written contract. The law requires that home improvement contractors have a written contract that outlines the project details, the payment schedule, and timeline. Architect or engineer plans should detail virtually every aspect of the project. Many homeowners use a contractor’s escrow account to keep the money until the project is substantially complete. The contractor must also disclose the location of this escrow account. Lastly, a written contract binds the contractor to disclose the location of their escrow account.