While Home improvement is a broad field, there are many types of projects that can be undertaken to increase the value of your home. While many projects require professional expertise, others can be done on your own to save money. Wooden decks are a great investment in the resale value of your home, while roof replacement is one of the most expensive projects. The cost of these projects depends on the extent of the improvement required. This article will discuss the types of projects, and which ones you can do yourself to cut costs.
Home improvement projects cost $7,674 in 2017
If you’re looking to improve the look of your home, you’re probably already aware of the costs involved. Replacing a roof, for example, costs an average of $7,674 – much more than other exterior maintenance projects. However, it’s a necessary one: if you’ve lived in your home for a long time, replacing the roof is unavoidable. And, according to HomeAdvisor, 3.3 million homeowners spent $25 billion on roofing projects last year.
According to the 2017 Cost vs. Value report, home improvements cost between 0.5% and 1.0% of the home’s current value. However, experts recommend that homeowners only spend a fraction of this amount on yearly repairs. While the numbers are alarming, you’ll be glad you took the time to do this research. Ultimately, you’ll get more bang for your buck if you do home improvements that increase the value of your home.
Wooden decks increase resale value
A new wood deck adds 106% to the resale value of a home. According to a Remodelling Impact Study by the National Association of Realtors and the National Association of Landscape Professionals, a $9,450 deck costs 106% of the house’s value at sale. In addition, the cost of constructing a deck increased the value of the house by $11,252.
Unlike composite or wood decks, the resale value of a wooden deck is higher than for a composite or concrete deck. The Remodeling Impact Report assessed 22 home improvement projects and found that, on average, a wooden deck added $139,297 in value to the average home. This means that the addition returned 73.9 percent of the costs. This figure is less than ideal, but it does show the potential return on home improvements.
Roof replacement is the most expensive project in 2017
While you might not be ready to spend that much money on a home improvement project, there is one thing you should do: take a look at your budget. While the average cost of a roof replacement project is $7,674, the average cost of a kitchen remodel is $20,000, and landscaping is the second most expensive home improvement project. If you want to add value to your home, roof replacement is an excellent investment.
A leaking roof can lead to a lot of expenses, including replacing flooring and drywall. Even a small leak can end up costing you up to $20,000 or more. New roofs are also one of the most desirable home improvements for the exterior. A new roof will increase your home’s value by over 50%. Vinyl windows, siding, and garage doors will add curb appeal to any home.
Do-it-yourself projects can save you money
While it may be tempting to try to save money by taking on a DIY home improvement project, some people are better off hiring a professional. Homebuyers often pay inspectors to spot flaws in a house before they purchase it. This is done to preserve resale value. However, major home improvement projects should be left to professionals. Although DIY projects can save you money, there are several pitfalls to consider.
Some do-it-yourself projects can save you a considerable amount of cash. According to Nerdwallet, up to 30 percent of homeowners don’t have a home improvement savings account. Many people are living paycheck-to-paycheck and can’t afford to pay a professional. Doing the work yourself can save you thousands of dollars. One example is painting the interior of a home, which can cost just a few hundred dollars but can increase the value of a home by tens of thousands of dollars. Another project is changing cabinet and door hardware.