Home improvement is the term used for a variety of home renovation and remodeling projects. These may include the construction of new additions, alterations to existing structures, or the repair of damaged areas.
The purpose of a home improvement project may range from personal preference and comfort, to maintenance or repair work, or as a means of saving energy or improving safety. Often the work done can improve the value of the home.
Using credit to pay for your home improvements can be a good idea for larger, long-term projects. However, you should only borrow against your home equity when it is absolutely necessary and when you have a clear plan for paying back the loan.
Do-it-yourself upgrades are a great way to upgrade your home without spending a lot of money or going into debt. You can do simple upgrades like painting, re-grouting tile, or power washing your home’s exterior to instantly enhance its appearance and increase the property’s appeal.
Remodeling is a more specialized home renovation that involves changing the function or design of an area. It could include tearing down a wall in a bathroom to expand it or reconfiguring the layout of a kitchen so that cabinets, countertops, and appliances are in different places.
Often, homeowners opt to use their equity in the form of a home equity loan to pay for their home renovations. These loans are typically paid off over a 5- to 30-year period by monthly installments.