June is National Homeownership Month, an opportunity for U.S. residents to reflect on the importance of the home and its role in their lives. With a median asking price of $225,500 for a home, becoming a homeowner takes dedication, patience and smart budgeting. For many first-time homebuyers, closing the deal on their purchase is a time of celebration and gratitude. While moving furniture and solidifying paperwork might seem like the biggest obstacle to enjoying their new home, it doesn’t take long before they find their first major home improvement project.
Avoid home improvement scams
Purchasing a home is one of the largest and most significant investments consumers make in their lives. It is essential to exercise caution when contracting services for home improvement projects to protect their investment. In 2021, consumers across the U.S. reported more than $1.1 million lost to home improvement scams to BBB Scam Tracker, with a median of $944 lost per report. Scammers often impersonate well-known or established companies and, after receiving initial payment, will disappear without even beginning the project. Desperate to establish communication, homeowners reach out to corporate or local offices for the company only to learn that the person who sold the job is not an employee.
Home improvement scams often begin with an unsolicited offer from a door-to-door…
