Home improvement is a vital part of being a homeowner. Without regular upgrades and renovations, homes can become outdated and inefficient and lead to major issues down the road. These improvements can also affect your home’s value and curb appeal.
Some of these improvements are essential, such as replacing worn out roof shingles or upgrading a broken air conditioning unit. Others add value, such as a new garage door or installing a smart thermostat. Still others make your home a more comfortable living space, such as adding a sun room or updating the kitchen.
It is important to research and choose your home improvement projects carefully. Getting a high return on investment is key, so you should only spend money on improvements that will increase your home’s value. It is also a good idea to hire an experienced and licensed contractor for large projects. Lastly, you should never go into debt to finance your home improvement project. Paying in cash is the best way to ensure you get the most bang for your buck.
Many homeowners are interested in making upgrades to their home to make it more functional and attractive, as well as increase its resale value. Having a modern kitchen or updated bathroom is often a priority for many families, and there are a variety of ways to accomplish these goals without breaking the bank.
According to the American Housing Survey (AHS), homeowner’s remodeling spending peaked in Q3 2023 and is currently on a slight decline. While the Covid-19 pandemic definitely influenced homeowner’s decision to renovate their homes, the AHS survey reveals that it wasn’t the only reason for the spike in renovations. Rather, the AHS survey revealed that a number of factors drove the uptick in remodels including:
In order to maximize your return on home improvement investments, it is important to do your homework before hiring a contractor and choosing a project. You should always perform background checks on a potential contractor and request proof of insurance and business license before hiring them to work on your home. In addition, you should always negotiate a contract before starting the work and have a clear understanding of your expectations as well as a clear payment schedule.
While some home improvements are purely cosmetic, such as a fresh coat of paint, others can dramatically impact your home’s resale value. Some of the more expensive projects include turning a bedroom into a primary suite, adding an in-ground pool or building a deck. If you are considering a high-end home improvement, it is important to consult with a real estate professional before beginning any major work. They can advise you on what renovations will add the most value to your home and how to best prepare it for sale. They can also help you avoid costly mistakes that could cost you thousands of dollars down the road.