Home Improvement 101

Home improvement is a great way to improve the look and feel of your home. But it also helps you make it more functional and comfortable.

When you’re considering a new project, it’s important to consider the cost. Some improvements, such as installing a smart thermostat or updating appliances, may be inexpensive. But others, such as replacing windows or insulating your home, will likely cost more than you anticipate.

Getting an expert opinion

Having an interior designer or real estate agent look at your home can help you identify what needs improvement and how much you can expect to pay for the work. These professionals typically charge an hourly rate and can give you lots of ideas for renos and design tweaks that you can afford.

Planning a budget

When it comes to home improvement, it’s not uncommon for homeowners to overspend if they don’t plan properly. So it’s a good idea to start by creating a budget, then adding a 10-15% buffer for unexpected costs.

Don’t forget to account for inflation and whether or not you’re in a recession when making your decision.

Home improvement projects are on the rise, according to the latest American Housing Survey. This two-year study shows that total home remodeling projects grew by 22% in the past decade.

Repairs, upgrades and minor facelifts will continue to be a big part of home improvement spending in 2023. And while a large portion of the projects surveyed were mainly paid for with cash, many homeowners still need to tap into savings or go into debt in order to complete their renovations.

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