Home improvement is a wide ranging term for the process of renovating, repairing or improving one’s home. It can include exterior improvements, interior projects, garden work, garage maintenance and even energy efficient upgrades.
If you are planning to make any major repairs or remodels, you should consider a home equity loan. These loans are available for up to 85% of your home’s value and are typically repaid over a five to 30 year term. In addition, you may be able to use your home as collateral.
The average amount spent on home improvements has soared in recent years. According to the Angi index, the spending has reached its highest levels since the index began tracking seven years ago.
However, home improvement projects can negatively affect the resale value of your home. That’s why you need to carefully choose your upgrades and plan your project so it pays for itself over time.
You should also be careful about the company you hire. Make sure it is licensed in your state. Check its references and insurance. Ask a friend or neighbor about the results they received from using a particular contractor.
Your contract should also address inspections. This can help avoid future disputes.
In addition, your contract should specify who will be responsible for paying inspection fees. Also, make sure to outline any relevant dates.
Home improvement contracts are important because they protect the parties involved in the construction process. They should also outline compensation, standard contractual provisions and other relevant matters.