Home Improvement – Adding Value to Your Home

Home improvement, or remodeling, is one of the most common projects that homeowners undertake. Many projects increase the livability of the home, while others can add value. It is important to research each home improvement project to ensure that it is worth the cost and will benefit the homeowner in the long run. It is also important to choose the right contractor to complete any home improvement project.

According to the National Association of Realtors, despite the pandemic, most homeowners have continued with planned renovations or upgrades. In a survey conducted in 2022, NAR found that 83% of homeowners reported greater satisfaction with their homes after making improvements. The satisfaction was due to several factors, including upgrading worn-out surfaces and materials (31%), increasing livability (27%), and improving the aesthetic of their homes (19%).

Rock-bottom interest rates have made it cheaper for homeowners to make home improvements. According to Anderson, “Deck construction is up 275% this year. Fence construction is up 144%.” These types of improvements are a popular choice because they improve the exterior of the home and can be done at a relatively low cost. They are also a good investment because they will increase the value of the home.

Other upgrades, such as a new energy-efficient HVAC system and added insulation, will save money on utility bills. These improvements can be repaid when the homeowner sells the home. They can also increase the value of the home by making it more attractive to buyers.

Adding a bathroom or another bedroom is also a good way to increase home value. However, the type of bathroom or bedroom you install is important. Adding a luxury bath may not pay off when it comes time to sell because most buyers will not want to pay for something they don’t need. Similarly, adding an extra bedroom to your home might not add much value because most buyers would want to convert it back into a garage.

Neglected maintenance can damage a house’s value and lead to expensive repairs. Keeping up with small jobs such as replacing doorknobs, cleaning gutters and painting the outside of your house will help your home maintain its value.

There are a variety of home improvement projects for all budgets and skill levels. Some projects can even be completed by the homeowner without the use of a contractor. A few simple DIY projects, such as re-grouting tile and adding a fresh coat of paint, can boost the value of your home and make it look like new. If you do hire a professional to complete a home improvement project, make sure that they are licensed and insured. Obtaining references and reading reviews of contractors is important before choosing one to do the work. Also, always get a written contract for the work. This should include a payment schedule and be very specific about the work to be performed, such as the types of materials to be used.

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