How Much Will Home Improvement Cost?

Home improvement

Home improvement, also known as home renovation or remodeling, refers to changes that improve a house, such as renovating the interior or exterior, adding room additions, installing new equipment, upgrading flooring, and painting walls. The industry that provides home improvements also includes businesses that sell building materials, appliances and decor and hire contractors, tradespeople and others to perform the work. The industry’s revenues have seen solid growth results in recent years, especially during the COVID-19 pandemic when home improvement projects were booming. However, it’s important to be aware of how much certain home improvement projects will cost before starting them. Otherwise, you could end up overspending and potentially even going into debt to complete your project.

A number of reasons might prompt you to tackle a home improvement project, from making it more comfortable for your family to boosting your chances of selling it in the future. Then, there are those necessary fixes that cannot be ignored, such as a roof leak or an electrical problem. Regardless of why you want to make a home improvement, it is essential that you plan the project carefully and choose the right contractors for the job. This way, you can be sure that the work will be done properly and on time.

If you decide to hire a contractor, it is vital that you find a qualified one with plenty of experience. The reputable ones will have membership in a trade association and business references to back their claims. They will also be insured and bonded. They should be able to provide you with a detailed contract that specifies how much the project will cost, how long it will take and the specific steps required for the work to be completed. It’s recommended that you use an aggregator to help find reliable service providers and compare quotes before selecting one.

Whether it’s an upgrade to your kitchen or a deck out back, a home improvement project can transform your living space and make you feel more at home. It can also boost your curb appeal and increase your home’s value. Regardless of what type of project you undertake, you’ll find a wealth of tools and resources here at NerdWallet. We’ll show you how much popular projects will cost, how they can affect your home’s value and smart choices that can help you save.

It’s also crucial to remember that not all home improvements will add value or recoup their costs. In fact, many won’t even return your initial investment. This is why it’s so important to choose projects carefully and consult a real estate agent before diving in with the sledgehammer.

Unless you are an expert in wiring, plumbing or installing heat systems, it’s generally best to leave complex home improvement jobs to the professionals. But even those who are handy with a toolbox can overspend if they’re not careful. That’s why it’s important to be armed with the right tools, knowledge and advice before beginning any home improvement project.