Home improvement is a popular topic for TV shows like Fixer Upper and This Old House, and it’s also the focus of many books and online resources. But whether you’re renovating to increase your home’s value or just want to make it more comfortable for yourself and your family, it’s important to do your homework before taking a hammer to the walls.

According to the National Association of Realtors, in 2022 home improvement projects reached record levels, with 86% of surveyed homeowners planning to remodel or improve their homes. Some of these projects were motivated by the COVID-19 pandemic, but that wasn’t necessarily the only reason. The NAR reported that homeowners who had completed renovations felt more satisfaction with their homes and were more likely to enjoy them.

If you’re thinking about hiring contractors to complete your next home improvement project, do your research before settling on one. Check out online reviews, talk to friends and neighbors, and ask for references. Before you hire a contractor, find out how much experience they have and read their contract carefully. You should also find out what their rates are and how long they expect the project to take.

Home improvements are a great way to add value to your home and improve your quality of life. But it’s important to understand which upgrades actually boost your home’s resale value. Keep in mind that the ROI (return on investment) for your home improvements is largely dependent on what other homes in your neighborhood are selling for. It’s also a good idea to avoid overbuilding, or renovating your home so that it’s significantly more expensive than its neighborhood counterparts.

The term “home improvement” includes any work done on a residential property that enhances its appearance or functionality. This includes interior and exterior remodeling and decorating, as well as installation of appliances and other fixtures and furnishings. It also includes repairs and maintenance, such as painting, plumbing, electrical, roofing, and heating.

While some homeowners are still renovating their homes, the number of home improvement projects appears to be cooling down. Harvard University’s Joint Center for Housing Studies’ leading indicator of remodeling activity suggests that homeowner spending on home improvements peaked this year and will begin to decline in 2024.

If you’re ready to take on a home improvement project, consider your options for financing it. A personal loan may be a better fit than a home equity line of credit or mortgage refinance, especially if you have poor or fair credit. You can even pre-qualify for a personal loan before you start shopping around for quotes to determine what your loan terms will be. The process is quick and easy, and you won’t have to worry about your credit score being affected by the pre-qualification. This means you can start your project as soon as you have all of the necessary documentation in hand. Be sure to speak with multiple lenders to compare estimated rates and terms.