Home improvement can be a great way to add value to your property, but it’s important to choose projects carefully. Some renovations can be costly and not yield the best return, while others may actually reduce resale value. Here are some tips for making the most of your investment.
Home improvements are any projects that are undertaken to improve the condition of a home or its outbuildings, such as garages, sheds, decks, pools and gazebos. They can also include minor repairs like painting, sealing drafts and replacing filters. In general, these types of projects can help homeowners save money on energy bills and prevent future problems down the line.
According to a recent survey by NerdWallet, about 3 in 5 homeowners have done some kind of home improvements in the past two years. The pandemic didn’t necessarily prompt this spike in home remodeling, however; people upgraded their homes for a variety of reasons, including upgrading worn-out surfaces and materials (30%), adding features and improving livability (20%) and simply wanting a change (16%).
The most common home improvement project is adding a bathroom, followed by renovating the kitchen and building an addition. These are popular house renovations because they provide a good ROI and increase livable square footage.
Before deciding on a home improvement project, talk to a realtor in your area about what types of renovations are popular and valuable in your community. And make sure any contractors you hire sign a contract that includes a timeline for the work, a payment schedule and as many details about the job as possible, such as the type and brand of materials to be used.