Home improvement is the process of repairing, improving or renovating your home. The renovations can be big or small, and they often add value to your home.
When it comes to home improvements, homeowners tend to focus on making their homes more comfortable and satisfying. They also want to increase their property’s resale value, according to a survey by NerdWallet.
There are many ways to fund home renovations, including a home equity loan or home equity line of credit (HELOC). These loans are repaid over a set number of years by fixed monthly payments.
The amount you can borrow on a home equity loan or HELOC can’t exceed 85% of your home’s value, so it is advisable to have a budget in place before applying for one. Other potential costs to consider include closing costs, origination fees and appraisals.
You can also finance minimal upgrades using a credit card with a 0% APR period. These cards often also offer cashback rewards.
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When it comes to hiring a contractor, Maryland’s Home Improvement Law requires that all contracts be in writing and signed before work begins or money is paid. This law protects consumers by ensuring that they can compare contractors’ estimates and hire the best one for their needs. The contract should also have the name, address, and MHIC license number of the contractor. Never hire a contractor who does not have a Maryland license or who is not a member of the Maryland Home Improvement Commission.