Home improvement projects are a huge business for the likes of Home Depot and other big retailers that rake in billions from Americans’ love of making their homes better. However, not all improvements are created equal, and it’s important to consider if a project is worth the investment before hiring a contractor or digging into your wallet. Many renovations offer great returns, but some fail to add value or even recoup costs at all. This is because not all projects are meant for resale. For example, a koi pond in the backyard might appeal to your own tastes, but prospective buyers may find it a turnoff.
It’s also important to avoid going into debt for your remodel. If you do, you’ll pay thousands of dollars for the project plus more in interest, and you won’t actually own all of your new home improvements–the bank does. Instead, work to save up the money for your improvements or seek out financing options before starting any projects.
The best home improvements offer high ROI values and make your house more attractive, functional and comfortable. This will help it stand out in a competitive real estate market and boost your chances of selling it in the future for a good price.
Some of the most popular renovations include sparkling bathroom overhauls, kitchen remodels and basement conversions. These projects are often expensive, but you can expect to get at least a 60 percent return on your money when it comes time to sell.
Another common improvement is adding a room to the house, such as an extra bedroom or a master suite. This will make the house more livable for a growing family and can add significant value. A master suite is particularly desirable for prospective buyers because it includes a full bathroom, walk-in closet and perhaps a dressing area.
Other high-return upgrades include adding energy-efficient features, such as new windows and a heat pump, to decrease home energy costs and add value at the same time. A home inspector can advise on other upgrades that can be made to improve your home’s efficiency and lower utility bills.
Adding a deck or patio is another way to enhance the look of your property and increase outdoor space for entertaining. A deck or patio is also a big selling point for potential buyers and makes your home more attractive to those with families. However, you should only spend money on a deck or patio if it is built properly and will not deteriorate over time. Also, make sure to choose a deck that is built with low maintenance materials and railings that are safe for children and pets. Also, make sure to follow local building codes and regulations when constructing your deck or patio. Otherwise, you could be liable for a lawsuit in the event of injury or damage to other people or their property. If you are not a licensed builder or contractor, you should hire one who is. This will ensure that a professional will handle the project safely and correctly. Licensed contractors will have proof of insurance and may be able to provide references from other satisfied customers.