Home improvement is a homeowner’s never-ending project. Whether it’s repainting the living room or sealing gaps in the baseboards, a house always needs sprucing. Larger projects, like adding a deck or remodeling a kitchen, often require a substantial investment of both time and money. The good news is homeowners have options for financing these improvements, such as paying cash, getting a mortgage or using a credit card that offers rewards.
One way to avoid overspending on home improvements is to set a realistic budget before starting the renovation. Use a spreadsheet to plot out the costs of each item, including labor and materials. This will help you avoid surprises and make the best decisions about what to do and what to skip. Also, remember to account for potential snags or extra costs that might crop up during the project.
The return on investment, or ROI, of home improvement is important to consider, especially if you are planning to sell your home. Talk to a real estate agent before making major changes and be sure you’re not going overboard. A primary suite, for example, can be a big boost in your home’s value but can be costly to build.
Regardless of whether you are thinking about selling your home in the future, it’s smart to invest in upgrades that will increase your comfort and enjoyment of your home. For example, a new bathroom is a popular project that typically pays off with a high ROI.