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Home Improvement Considerations

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Home improvement is a broad term that can include remodeling, renovation, and repairs done to improve the overall appearance of a residential dwelling. Many homeowners will make home improvements for aesthetic reasons, while others may do it in order to increase the resale value of their property or to fix problems with a house or yard. There are several things to keep in mind before undertaking a home improvement project, such as cost, return on investment, and safety.

A common misconception is that all home improvements will add to the resale value of a property. However, the reality is that only a small percentage of projects actually add value to a house. The amount of added value can vary, depending on the project, the type of house, and the local market. For example, a backyard pool can add resale value to a property in some areas, but it is unlikely that a home with an above-ground pool will attract a high number of potential buyers in a neighborhood with many other pools.

Regardless, it is important to remember that a homeowner’s personal satisfaction with their home should be the driving force behind any improvement decisions. In fact, a recent study by the National Association of Realtors found that during the COVID-19 pandemic, most homeowners reported feeling happier with their homes after upgrading certain aspects.

In addition, when deciding what projects to tackle, it is important to consider how the improvements will affect the daily routine of those living in the home. For example, adding a second bathroom could be an improvement that makes your home more functional for you and your family, but it could decrease the usable space in the home for a prospective buyer. It is also important to be sure that any improvements are not over-the-top and are consistent with the style and value of surrounding homes.

Another consideration before starting any home improvement projects is to find a contractor that is licensed, insured, and has good references. It is a good idea to get estimates from multiple contractors, and to ask for examples of past work. Also, check with local governments to see what types of licenses are required for contractors in your area.

When hiring a contractor for any home improvement project, always be sure to establish a payment schedule that includes an initial deposit and subsequent incremental payments. It is also a good idea to withhold final payment until the contractor has completed all work and any required inspections have been performed.

Lastly, before starting any home improvement projects, it is important to update your home insurance policy. The increased value of your home can result in an increase in your premium, so be sure to speak with your agent about how the changes will impact your rate. This will ensure that your home is covered properly in the event of an accident or other unexpected circumstances.

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