Home improvement is a broad term that can refer to many different types of remodeling or renovation work, including the installation of appliances, furniture, flooring, light fixtures and paint. The idea is to make the home more functional, attractive or comfortable to live in. Home improvements can also add value to the house if they are done correctly. In some cases, a home improvement project may be eligible for tax benefits depending on the type of project and your situation.
The home improvement industry has been booming lately, but that might not be the case for much longer. In fact, home improvement spending is expected to decline in 2024 due to stalled real estate sales and rising labor and material costs.
This drop in home improvement spending could be because homeowners are hitting pause on their Covid-era remodeling frenzy or simply taking more time to carefully consider their projects before pulling the trigger. But even though renovation plans might have slowed, it doesn’t mean households are completely giving up on their goals. In fact, according to the latest report from Lowe’s and Home Depot, DIY home improvement projects are on the rise, with people focusing on easy, budget-friendly fixes like replacing bathroom countertops or installing new lighting.
So what are some of the best home improvements to do? To help you find the right home improvement project for your needs, consult with a RamseyTrusted local agent. These top-notch pros know what buyers are looking for in your neighborhood and can help you figure out which improvements will increase your home’s overall value, as well as which ones might be a waste of money in the long run.
One of the easiest ways to improve your home’s curb appeal is to spruce up your landscaping. Installing a new front door or adding mulch to your garden are some affordable projects that can drastically improve the look of your property. However, keep in mind that not all outdoor updates are created equal. Creating a backyard oasis may be nice, but it probably won’t increase your home’s overall value unless you have exceptional outdoor amenities that aren’t common in your area.
Another great way to improve your home’s value is by adding an extra bedroom or bath. This is a great option for families and will likely pay off if you decide to sell in the future.
Other popular home improvements include adding walk-in showers to replace tubs, upgrading kitchen appliances to stainless steel or energy efficient models and installing smart security systems. Adding grab bars and handrails to the home can make it more accessible for those with disabilities, while changing out old smoke detectors for smarter ones that will flash or emit louder noises can qualify as a tax credit. Be sure to check with your local tax expert before completing any home improvement projects to ensure you’re getting the most bang for your buck.