Home Improvement Can Add Value to a Home
Home improvement is the repair, maintenance or enhancement of residential real property such as the renovation of a kitchen, bathroom or basement. These projects can help add value to a home when they are done with proper permits and by licensed contractors.
However, not all home improvement projects increase a home’s value, and homeowners should carefully consider the costs and benefits of any project before taking on the work themselves or hiring unlicensed contractors. The most important step is to make a thorough list of the work to be completed and compare prices from several contractors. Consumers should also pay attention to the contract terms, such as whether a deposit is required and how payment will be made. Consumers should avoid any contractor that does not provide a signed copy of the Maryland Home Improvement Law contract with their name, address and MHIC license number preprinted on it.
A homeowner can save for home improvement projects by putting money aside or borrowing funds to pay for the work as it is being completed. Some financing options include personal loans, mortgage equity lines of credit and home equity loans, which are installment loans repaid over 5-30 year terms via fixed monthly payments.
Adding an addition to a house typically is the most expensive home improvement, but it can boost a home’s value by adding extra livable space. Other affordable improvements include re-grouting tile, painting walls and changing out door or cabinet knobs.