Home improvement is the act of improving or repairing one’s home. This includes everything from fixing a broken light fixture to adding an extra bedroom or bathroom. Home improvement can be expensive, but it’s a common way to add value and comfort to one’s living space. However, some renovations may not be worth the investment. In fact, some projects can actually decrease a home’s resale value. So before you start tearing down walls or picking out granite countertops, learn about which improvements will give you the best return on your investment.
Many homeowners consider their home to be an important part of their life, a place where they can relax after a long day and where family gathers for holidays and special occasions. That’s why many homeowners make it a priority to invest in their homes by making home improvements. But which renovations are worth the money? And which ones will turn off a potential buyer?
A quick search of the internet will reveal a wide range of home improvement tips and tricks, from how to paint a room to how to build a deck. There’s even a website called “Improve Your Home,” which provides a step-by-step guide to help you get started on your next DIY project.
The coronavirus pandemic has caused many people to spend more time at home, which has meant a surge in home improvement projects. For example, a recent survey from Groundworks Companies found that 20% of people plan to use their tax refund on home improvements this year. The types of projects surging the most are those that involve work done outside the house, including deck construction and fence installation. Homeowners are also spending more on landscaping and hiring landscapers.
But the type of home improvement that’s most beneficial to a homeowner is one that increases livable space, experts say. That’s because a home’s value is largely determined by how much livable space it has, according to real estate expert Benjamin Ross. Adding a new bathroom, a great room or another functional space to a home will increase the number of livable square feet and, in turn, raise its value.
While there are a variety of ways to finance a home improvement project, most experts agree that working with a licensed contractor is the safest option. A licensed contractor must have workers’ compensation and general liability insurance to cover any injuries or damage that occurs during the project. It’s also recommended to ask for references and check them before choosing a contractor.
And don’t forget the small things: replacing worn doorknobs, cleaning out rain gutters and repairing sidewalk cracks are all easy fixes that will improve your home’s appearance. Neglecting these tasks can lead to bigger problems down the road, such as a leaking roof or termite infestation. And that’s a problem no one wants to deal with. Ultimately, you should choose projects that make your home more comfortable and inviting, not those that will appeal to a future buyer.