Home Improvement 101
Home improvement is a broad term that can refer to any type of renovation or remodeling project that improves the value, function, or beauty of a house. These projects can include anything from remodeling an existing room to building a new addition on to the home. The term “home improvement” also applies to projects that are performed by a professional, such as painting or installing a roof.
The most popular home improvement projects are kitchen remodels, bathroom remodels, and basement renovations. These projects increase the resale value of a house and can often be completed at a lower cost than new construction. However, not all home improvements are created equal. Some projects add little to no resale value while others may actually decrease the home’s value. For this reason, it is important to research the potential return on investment before committing to a large home improvement project.
When hiring contractors for home improvement projects, it is important to remember that price alone does not determine the quality of work. Contractors can vary greatly in their experience, reputation, and ability to complete a job on time. As a result, homeowners should compare bids from multiple contractors to find the best fit for their project. Additionally, homeowners should always verify a contractor’s license and insurance before hiring them for any work on their property.
Many people start home improvement projects with the intention of increasing their home’s resale value. While a master suite with its own private bath and walk-in closet might add resale value, upgrading your kitchen to include all-stainless steel appliances might not be worth the investment. It’s important to discuss any proposed upgrades with a real estate agent before making any decisions.
Homeowners should update their home insurance as they make changes to their property. Home improvements can change the value of a house, and an outdated home insurance policy might not provide adequate coverage.
In the current pandemic, homeowners are spending more time at home and taking on more home improvement projects than usual. According to a recent NerdWallet survey, about 3 in 5 homeowners have taken on home improvement projects in the past year. Of those, the average homeowner spent about $6,438, on average.
A master suite with a walk-in closet and dressing area is one of the most expensive home improvement projects. A master suite is a desirable feature for buyers, but it’s not always feasible or practical to add one to an older home. In most cases, this type of upgrade is not recouped at sale time.
In general, the higher the quality of the home improvement project, the more resale value it will have. However, it is important to keep in mind that too many high-end upgrades can turn off potential buyers. Stick to upgrades that will appeal to a broad audience and keep costs low if possible. For example, adding marble flooring to a basic tract home may not be worth the extra cost.