Home improvement is a common goal for many homeowners. Whether it’s adding a new bathroom, renovating a kitchen or updating the front door, these projects can add functionality and beauty to the house. Depending on your needs and goals, home improvements can also increase property value and increase usable space.
But how do you pay for these projects without ransacking your savings or going into debt? While there is no one-size-fits-all answer, a few key tips can help keep you on track.
One of the most important things to remember is that it’s a good idea to get quotes from multiple contractors before starting any work. This will help you compare costs and find the best deal. It’s also important to make sure your contractor is licensed and insured. This will protect you in the event that an injury or property damage occurs while the work is being performed on your property.
Another thing to consider is the type of project you’re planning and your timeline. If you’re looking to sell the house within a few years, it may make more sense to focus on repairs that will appeal to the broadest range of potential buyers.
On the other hand, if you’re not planning to move soon, it might be more worthwhile to focus on energy-efficient upgrades that will save money and possibly pay for themselves over time. For example, new windows, a heat pump or added insulation can decrease energy bills and potentially save you thousands over the course of your ownership.