Investing in your home can be a comforting and wise move during turbulent times. With rock-bottom interest rates, home improvement projects are now more desirable than ever. It’s also a good time to do some small improvements that will boost your home’s value.
Home improvement is a wide-ranging activity that includes any change, renovation, or addition to a residence. A home improvement may be something as simple as adding a new set of cabinets or as complex as building a whole new home. There are many options to choose from, and the project can be planned out and prioritized according to your budget.
One of the best ways to find a competent contractor is to ask around. Ideally, you want to speak with friends and family who have already used a contractor for a similar project. In addition, you should check the license and insurance of the company to ensure that it has adequate coverage. Make sure you read the contract carefully and compare the price with other contractors. It’s a good idea to establish a payment schedule and set up an escrow account for the job.
In the United States, it’s common to see a home improvement store that is a one-stop shop for all of your house-related needs. These stores typically offer quality products at affordable prices, as well as the know-how to carry out your project.
A survey conducted by Axiom, a Minneapolis-based marketing firm, found that a majority of consumers plan to do a home improvement project in the next year. Thirty-six percent of respondents are planning to do a DIY project, while 39 percent plan to hire a professional for at least part of their project.
The Axiom survey also revealed that the average home improvement project will cost nearly $200. This is the highest amount that Angi has recorded since the company first started tracking the industry seven years ago. In addition, home improvement projects are likely to be more expensive in 2021, as compared to last year. The Harvard Joint Center for Housing Studies estimates that the average homeowner will spend more on renovations and repairs in the coming year.
While the Axiom survey showed that there are many home improvement companies out there, it’s still wise to do your homework before hiring a contractor. You’ll want to find out if the company is licensed, how long it’s been in business, and whether it’s insured. The company should also be able to provide references or testimonials from previous customers. You can ask them about the work that was done, as well as the results.
The Axiom study also revealed that the home improvement industry has become more competitive in recent years. There are now private labels competing with the big players. In fact, the competition in the market is more fierce than ever.
The home improvement industry is highly regulated in several states. In addition, you can’t do any home improvement work without a valid license. In some counties, this is classified as a Class A misdemeanor. If you engage in any home improvement activity without a license, you’re subject to a fine of $500 to $5,000. You could also face a lawsuit from a disgruntled customer.