Home improvement is the process of making changes to improve a home’s structure and functions. This may include maintenance work, remodeling, adding or removing features and repairing the roof. Many homeowners do this in order to increase the value of their homes or make them more comfortable. Home improvements are typically expensive and must be planned carefully. A homeowner can use a home renovation loan to finance their project or can hire contractors for larger jobs.

While a slew of television shows like Fixer Upper and This Old House fill the airwaves, it’s one thing to watch the shows and another to actually tackle your own home renovation projects. Whether you’re interested in a bathroom remodel or kitchen upgrade, there are some important things to keep in mind before you pick up the sledgehammer.

Before starting your next home improvement project, take the time to familiarize yourself with local building codes and permit requirements. Then, make a list of your goals and the estimated costs for each task. This will help you stay on budget and avoid costly mistakes.

There are a few certainties in life: death, taxes and DIY home improvement projects. These never-ending, must-do tasks can add up and quickly derail your savings. But if you plan ahead, know your options and understand the difference between repairs and upgrades, you can avoid overspending and save money.

Most homeowners cited a desire to update their homes during the COVID-19 pandemic for inspiration to renovate, but that wasn’t always the only motivation. Homeowners also cited improving their homes to make them more enjoyable and satisfying places to live (33%) and fixing problems that could cause safety issues or damage to the property (20%).

It’s essential to choose a contractor that you can trust to do quality work and stand behind their warranties. Check out the New York state licensing requirements for contractors in your area before hiring anyone to do work on your home. Licensed contractors are required to carry liability insurance and workers’ compensation insurance. Also, request references from previous customers and ask about the quality of their work.

When choosing a lender for your home renovation loan, consider the terms and conditions of each offer. Look for a lender that offers flexible repayment options, such as a fixed rate or a revolving line of credit. You can also get pre-qualified for a home improvement loan to compare rates and estimates before you apply. Pre-qualifying doesn’t affect your credit score and can help speed up the process.

Often, a home renovation loan will require a home appraisal and a down payment before beginning the work. To avoid a large upfront payment, consider negotiating a payment schedule with your contractor that includes an initial deposit and subsequent incremental payments until the job is complete and all required inspections are completed. Getting everything in writing is critical, so make sure that your contract includes a timeline for completion, the details of all work to be done and a detailed estimate of how much each incremental payment will be.