Home improvement is the term used to describe any work that involves improving a residential property. It includes anything from installing a new roof to landscaping.
Spending on Home Improvement has increased more than 50% in the United States over the past eight years, according to a recent report. A large portion of this increase comes from older homeowners, who are spending money on repairs and renovations to improve the value of their homes.
How to Find the Right Contractor for Your Project
When choosing a contractor, it’s important to research the company before signing any agreement or paying anything. Check its license status, experience, reputation and length of time in business.
Make sure you get a written contract from the company that describes the project, outlines dates for the work to be done and contains as much detail about materials as possible. A contract should also include the terms for payment, including a deposit and the final balance.
How to Finance Home Improvements
When funding your home improvement, consider a personal loan or a home equity line of credit (HELOC). These are loans that typically allow you to borrow money from your equity in your home and pay it back over 5-30 years.
In addition to traditional home equity loans, lenders offer a variety of other financing options for home improvement. Some are more flexible than others and may help you qualify for additional loan amounts if you have a high credit score or good debt-to-income ratio.