Buying your own home is probably one of your most important investments, and a dream come true. Being a homeowner brings with it unparalleled joy, great pride and matchless satisfaction. However, it also brings with it, a number of responsibilities. Besides those surrounding your timely mortgage payments, you also have the responsibility of maintenance. After all that you’ve done to buy your dream home, the last thing you want is for its value to depreciate. And this is bound to happen if you neglect the maintenance of your property. So, regular home improvement jobs are a must.
Benefits of Home Improvement Vis-à-Vis its Cost
If you’re thinking home improvement will only bring about unnecessary costs without any benefits, you’re wrong. And here’s why:
- Not only does home improvement make your living conditions more favourable, it also helps you update your home in line with the latest design trends
- Periodic maintenance jobs help you detect potential damages, thereby fixing them before it’s too late
- Besides giving your home a facelift, home improvement projects also increase the market value of your property
How can you improve your home?
Home improvement projects may range anywhere between relaying plumbing or redoing the carpets/floors to remodelling your garden, kitchen or bathrooms, repainting, or even adding a pool. Usually, these projects are undertaken by professional contractors, although with some of them, you may decide to DIY. But remember, DIY projects are not easy and very time-consuming. So think twice before you decide to take that responsibility.
How much does a home improvement project cost?
That would depend on the kind of project you have in mind. If you’re looking at remodelling your entire house, it can cost anywhere between $18000 to about $40000, depending on the size of your property. You may have to spend between $3000 and $7000 for building a deck or refacing cabinets. Installing a roof may go up to $6000, and painting the interiors of your home could range from $2500 to $5500.
How can you pay for it?
Depending on the type of project you undertake, home improvement can cost you anywhere between few to several thousand dollars. Although spending that kind of money to take care of your home is completely worthwhile, the big question is, can you afford it? More often, home owners put off maintenance and remodelling jobs to a later date due to lack of funds. And in due course, the health of the property takes a hit. What you should know is that you have the option to take a home improvement loan to meet these expenses. These loans are specifically extended to home owners for the purpose of repairs, remodelling or renovation.