Changed circumstances are prompting many homeowners to embark on new projects. After a lengthy recession, many homeowners decided to put off these projects, but now they’re taking the plunge. Home values have risen to record highs, and increased equity allows them to upgrade their homes. Whether they’re making renovations on their own or relying on a contractor, there are several steps to consider to ensure success. Read on to learn more.
It looks easy on TV and in social media to do a DIY project. In reality, it can be dangerous and could lead to wasted time, money, and even a trip to the hospital. Despite the popularity of DIY projects, most people are unrealistic when they think about what they can do. For example, a major kitchen renovation cannot be accomplished in one weekend. Even refinishing flea market finds will take more than a weekend.
Homeowners should sign a contract with a contractor before letting them begin work on their home improvement project. This agreement should clearly state the scope of work, how much you expect to pay, and when you’ll receive your final payment. According to state law, contractors must use written contracts for any home improvement job that costs more than $1,000. Violation of this requirement can result in a suspended contractor’s registration, fines, and criminal prosecution. Also, contractors cannot collect more than one third of the total project cost in advance.
If you have ever lived in a house that needs some work, you know the pain of being surrounded by neighbors who are trying to figure out what you’ve spent on a project. When they ask you how much you’ve spent on your home improvement project, they often speak in code. Fortunately, Annie Joines Prentice, an elementary school teacher and student of special education, has learned the rules of home improvement.
Time frame for home improvement projects can vary greatly. Depending on the size and scope of your project, a simple bathroom makeover can take a weekend or a couple of weeks, while a complete overhaul of your entire home can take six months or more. If you want to update the look of your home and increase its street appeal, you may want to focus on the exterior of your home. Here are some common projects to consider when determining a time frame.
Percentage of homeowners who undertake a project
The proportion of homeowners undertaking home improvement projects varies widely. About two-thirds of the respondents say that their renovations went over budget. A similar percentage say that the cost of the project has increased since they had a contractor bid on the job. Moreover, the survey shows that rising interest rates have resulted in 42% of respondents delaying home improvement projects. The results of the survey were obtained from an online survey conducted by Dynata among 1,531 homeowners. The data were collected between January 20 and 26, and the confidence level is 95%.