Home improvement is a popular hobby and a way for homeowners to make their house feel like a home. However, there are many things to consider before embarking on a home improvement project. It is important to find a trustworthy contractor and understand how much the project will cost. Homeowners should always consider their financial situation and available home equity before deciding on a financing option. A handy homeowner tip is to use a home improvement financing calculator to help them decide which projects are within their budget and what the potential repayment terms will be.
Homeowners are spending more on home improvement, but they’re also more likely to run into unexpected costs and blow their renovation budget, according to NerdWallet research. The most common mistake is choosing expensive materials without considering the cost. It’s also common to run into hidden problems that need to be fixed, such as a rotting subfloor or leaky plumbing, which can drive up the final bill.
During these unsettling times, it can be tempting to hire contractors for work around the home. But beware of rogue contractors and bogus workers who may scam you out of money, damage your property or even hurt your family members in the process.
NerdWallet research shows that homeowners who renovate during the pandemic report high levels of satisfaction with their homes. While the pandemic may have pushed some people to improve their houses, most were planning these projects well before the pandemic struck. Most of the owners who reported home improvement projects were prompted by a desire to upgrade worn-out surfaces and finishes or improve their house’s livability.