Home Improvements That Increase Your Home’s Value
Home improvement is the act of improving or repairing a residential home. Home improvements can include a variety of projects, such as painting, adding flooring, or upgrading fixtures. In more extreme cases, it can involve adding or expanding living space. A home improvement can also be an upgrade to a house’s infrastructure, such as rewiring or replacing the roof.
The booming economy has given homeowners permission to spend more on home improvements. According to the National Association of Home Builders, remodeling activity increased in 2021 from the previous year. This includes work on kitchens, bathrooms, bedrooms and additions. In addition, homeowners are spending more money on exterior projects, including deck construction and fence installation.
However, not all home improvements increase a home’s value. It is important to weigh the costs and benefits of any project before beginning it. This can be difficult when there are so many possibilities available, but it’s critical to make informed decisions. This is especially true for projects that are based on trends, as these can quickly change. For example, adding a hot tub or expensive fountain to your backyard could deter buyers from your home if the trend changes.
Before hiring a contractor for any home improvement, research the company and get references. Ask friends and neighbors about their experiences with contractors, and find out if they were satisfied with the final result. Also, be sure to get a written contract for the work, including a timeline and payment schedule. Finally, withhold the final payment until all work is complete and the contractor has passed all inspections.
While it may be tempting to invest in upgrades that are unique or a reflection of your personal tastes, these projects often have a negative impact on resale value. For example, a home recording studio will only appeal to a certain buyer base and might not be attractive to families with young children.
If you’re planning to sell your home in the near future, talk with a real estate agent about what improvements will add the most value. Then, you can focus on those that will be most appealing to the majority of potential buyers.
The most popular home improvement projects involve updating the kitchen, bathroom or bedroom. These upgrades are typically less costly than a major kitchen or master suite remodel and can be completed over a weekend. Painting is also a simple but effective home improvement that can have a big impact. If you have wood trim or cabinet doors that are looking drab, simply repainting them can give them a fresh new look for little money. In addition, replacing outdated lighting fixtures with new energy efficient ones can save you money in the long run. And, by choosing neutral shades, you’ll be able to appeal to the most buyers.