Home improvement is a huge undertaking, one that will cost both money and time. It can also have an impact on your home’s resale value, which could make or break your return on investment when you decide to sell. That’s why it’s important to understand the ins and outs of home renovation, including which projects will add value to your house and which are best left to professionals.
According to a recent report from Houzz, homeowners are spending more on home improvements and seeing a higher satisfaction rate with their projects than ever before. The average homeowner spent $3,890 on upgrades last year alone. The survey showed that newer homeowners were more likely to spend on high-impact upgrades, like adding a backyard patio or replacing windows, while those who have lived in their homes for six or more years tended to focus on smaller updates.
When it comes to choosing a contractor, you should look for someone who has experience with the type of work you need. Checking their license, insurance, business references and membership in a professional organization is important. Also, ask for a referral from a friend or family member who has used the same contractor in the past. This can help you avoid hiring a fly-by-night operation and find a reliable contractor who will complete the job properly and within your budget.
Whether you’re looking to improve your home’s curb appeal or want to make it more comfortable, there are many projects you can tackle that will have a great impact on your property and increase its resale value. But, there are also some projects that will not boost your property’s resale value and may actually decrease its value, according to real estate experts.
1. To fix a problem that cannot be ignored.
Some home repair and improvement projects simply must be done to keep your home in good condition. For example, neglecting a leaky roof or electrical problems can lead to expensive damage and even serious safety issues. Other necessary home improvement tasks include upgrading your front door, fixing a broken toilet or adding a security system to protect your valuables.
2. To make your home more functional.
If you plan to sell your home in the near future, you should prioritize projects that will increase your property’s resale or rental value. Some popular renovations that have a good ROI include installing a laundry room, replacing windows and doors and updating the kitchen or bathroom. You should also consider adding an extra bedroom or bathroom if you have family members who need more living space.