Home Improvement Increases Home Value

Home improvement is the process of renovating or making additions to one’s home. This can include remodeling rooms or the entire house, adding landscaping or other outdoor work and repairing or installing utilities such as heating, ventilation and air conditioning systems. Home improvement is an important part of maintaining and enhancing one’s home and also increases the value of the property.

Some home improvements are purely cosmetic, while others are structural. While cosmetic projects such as painting or replacing light fixtures may not add much value, a kitchen or bathroom remodel is usually more significant and can significantly increase a home’s resale value. However, when homeowners choose to do expensive renovations such as a new kitchen or bathroom, it’s important that they make sure they choose quality products that will be long-lasting and aesthetically pleasing.

While whole-house remodels are expensive and take time, there are many do-it-yourself projects that can be done to add value to your home. These projects can be as simple as re-grouting tile or as involved as replacing cabinets and counter tops. It’s important to choose upgrades that will be appealing to the widest range of potential buyers. It’s also a good idea to avoid over-customization of your home, as this can detract from its resale value.

The resale value of your home is determined by how well it compares to similar homes in your neighborhood. If your home is the only one with marble flooring, for example, it will likely not add much value. Likewise, a high-end remodel like adding an in-ground pool will not appeal to most buyers and can actually decrease your home’s value.

When it comes to home improvement, the most popular project is installing a new bathroom or kitchen, followed by refinishing hardwood floors and replacing doors or windows. The NerdWallet survey found that most homeowners plan to spend $7,746 on these types of projects over the next two years.

The home-center chains Lowe’s and Home Depot reported a drop in sales this week, as householders have been scaling back their ambitious pandemic-era renovation plans in favor of cheaper do-it-yourself fixes. Still, JCHS predicts that homeowners will continue to invest in their homes through 2024, when revenues are expected to hit $485 billion. However, some analysts expect these numbers to slow down as the housing market stalls and consumers become more cautious about spending.