Home improvement is a huge industry, one that has had excellent growth results in recent years. The industry includes the sale of building materials and accessories, as well as contractors, tradespeople and others that help renovate or upgrade homes. It also includes the services of professionals such as designers and architects.
The resale value of any home improvement project can vary significantly depending on the type and quality of the work done. The most common projects that add value include updated kitchens and bathrooms, finished basements and decks, according to Houzz, an online renovation marketplace. Other popular home improvements include new flooring, window replacements and replacing an old roof.
While it’s tempting to let your inner Bob Vila take over during a home renovation, it’s important to be realistic about the work that needs to be done and how much it will cost. If you don’t have a firm idea of what the result should be, it’s easy to go over budget, over-expend and wind up with a finished product that you’re not happy with. If you’re unsure of what to do, consider hiring an architect or designer before you start any major work.
Choosing the right contractor is vital when it comes to any home improvement project. Hiring an unqualified or unlicensed contractor could lead to shoddy work, costly delays and even unsafe conditions on your property. Before you hire anyone, make sure to ask friends and neighbors for recommendations and check out their references. Also, look for a contractor with insurance in case of injury or property damage during the project.
Another great way to find a contractor is to get bids from several different companies. Be clear about what work you want done and have a list of non-negotiable items. This will help you weed out any contractors who might try to sell you extra work that’s not in your original plan. It will also help you negotiate with contractors and lock in prices before the work begins.
When it comes to the actual renovations, always try to stay within your neighborhood’s style and value. While it may be tempting to customize your home, over-personalization will turn off potential buyers and can actually lower resale value. For example, installing a marble bathroom will only add value if other homes in the neighborhood have them as well.
If you can’t afford to pay for all of your home improvement projects upfront, there are some financing options available. For instance, many credit cards offer a 0% interest introductory period that can give you some time to pay off the balance before you start incurring interest charges. Some even offer cashback rewards, which can be helpful for smaller home improvement expenses like paint jobs or appliance purchases.
Home improvement is a great way to make your house feel more comfortable and update its appearance, but it’s important to be smart about what projects will actually add value and increase the likelihood of recouping your costs when you sell. With a little planning and careful spending, you can create a home that’s both welcoming and functional for you and future owners.