Home improvement is a broad term that covers almost any work you do to your home, from a new roof or deck to installing a smart thermostat. The good news is, most homeowners can do many of these projects without hiring professionals. But before you grab your hammer and nails, make sure you’re prepared to pay for the project and know if it will add value to your home.
If you’re thinking about a major renovation, it’s wise to invite an interior designer over for a consultation. They typically charge less than $100 per hour, and can help you avoid pricey mistakes. If you’re considering a high-end upgrade, it’s also worth asking a real estate agent in your area about specific renovations that increase home value.
A HELOC is a great way to finance home improvement projects, but it’s important to understand the risks and restrictions before you apply. If you’re approved for a HELOC, you can borrow against the equity in your home at a lower interest rate than you would get with a personal loan.
While most homeowners say they’re able to complete home improvement projects without tapping into savings or going into debt, only 31% are able to do so without making sacrifices. That’s why it’s essential to have a plan and to stick with it. And if you’re not quite ready to hire someone for a big project, consider tackling smaller jobs yourself, such as painting or replacing your home’s carpet.