Home improvement can be anything done to improve the appearance or comfort of a dwelling house, including the construction, repair, replacement, remodeling, alteration, conversion, rehabilitation, modernization, additions, improvements, and extensions. It may also include the installation of porches, decks, swimming pools, garages, fallout shelters, or other buildings on land adjoining a dwelling house.
Many people love to watch shows like Fixer Upper or This Old House, but it’s one thing watching the TV and another putting in the hard work yourself. And, as any homeowner knows, renovating and upgrading a home can be expensive. Those expenses can quickly add up, and it can be helpful to understand which projects will add the most value to your home in terms of resale or other potential uses.
However, it is important to understand that adding value to your home doesn’t mean you will get back a full return on your investment when you sell or rent out your property. In fact, some renovations can cost you more than you will ever make in a profit.
That’s why it’s so important to do your homework before committing to any home improvement project. Using the information in this article, you can make smarter choices about which projects to take on, and which ones will be most profitable for your investment.
While there are plenty of ways to increase your home’s value, the most important thing is that any improvement you undertake is well-planned and executed. This is especially true if you’re planning to eventually sell your home, because a successful sale requires that your property look its best.
For that reason, many homeowners focus their attention on the indoors when doing upgrades to their homes. According to the National Association of Realtors, remodeling and renovations that enhance the appearance and functionality of a living space will usually yield the most impressive returns on investment.
However, that doesn’t mean you should neglect the outdoor areas of your home. Some of the most popular exterior upgrades, like replacing a front door or installing a new roof, can often generate significant returns when it comes time to sell your home.
Many homeowners are hesitant to spend money on home improvement projects right now, due to the uncertainty surrounding the economy and fears of a possible recession. That’s why it’s important to be careful about which projects you take on and to budget carefully for any potential future economic downturns.
In general, most improvements aren’t targeted at potential buyers, and just 20% of planned projects over the next two years will be designed to make a home more attractive to prospective buyers. Instead, most of the planned improvements are focused on making the home more comfortable and enhancing quality of life.
Homeowners should be sure to work with contractors who are licensed and insured, and that they perform background checks on service providers before hiring them. In addition, aggregators that bundle home improvement services can offer useful tools for homeowners to use when researching and selecting the best contractors to perform their projects.