For a lot of people, pandemic has given an opportunity to spend significant amount of time inside the home, and in turn, many people decided to undertake home improvement and renovation projects. This can lead to situations where some people will overestimate their skill and knowledge, which will result in costly mistakes. In order to avoid those, consider return on any potential project. Explore the options for financing and create a budget you will stick with. Ensure you do proper vetting of contractors, and obtain necessary permits.

Key Takeaways:

Make sure that you create a budget and stick to it so you don't put yourself into a large amount of debt.
Research contractors and hire one that has a good reputation and has many positive testimonials. Make sure they are qualified as well.
Understand the trade offs that come with price and quality and pick the option that best fits your budget and needs.

“For example, it costs about $50,000 to add a new bathroom, but homeowners typically recoup only about 54 percent of the cost in increased home value, according to Remodeling Magazine’s 2020 Cost vs. Value Report. A minor kitchen remodel, on the other hand, returns about 78 percent of its cost, so that type of project might make more sense.”