Home improvement, also known as house remodeling or renovation, is the process of upgrading a home inside and out to improve its function and aesthetic. It can be done for a variety of reasons, including improving comfort, adding storage space or simply updating fixtures and finishes. Many homeowners are attempting to increase the resale value of their homes, which is why they take on home improvement projects such as kitchen and bathroom remodels. However, homeowners need to be careful about which projects they undertake, as not all improvements will return their investment.
According to the National Association of Realtors, homeowner spending on home improvements hit an all-time high in 2021. While spending on major home upgrades such as a new kitchen, master suite or basement remodel may add the most value to your home, there are also plenty of do-it-yourself (DIY) projects that can enhance your living space without breaking the bank.
Before beginning any project, it’s important to know your budget and have a plan. It’s also important to get multiple estimates for the work you want to be done and choose a contractor with good references. It’s a good idea to ask friends and neighbors for recommendations as well. Once you’ve chosen a contractor, be sure to get a written estimate that includes a description of the work to be completed, materials and completion date. Avoid choosing the lowest bidder, as this can often result in substandard workmanship.
It’s important to remember that the return on home improvements depends on a number of factors, including the current state of the housing market and how much similar homes in your area are selling for. If you make your home too expensive for its neighborhood, it may be difficult to sell. Additionally, renovations that are out of line with other homes in your neighborhood could decrease the value of your home.
When in doubt, always consult a real estate professional to ensure that your renovations will be beneficial for resale. Also, it’s important to think long term and remember that the value of your home will fluctuate over time. If you wait too long to renovate, it may be too late to get a good return on your investment. With smart planning and expert advice, you can transform your house into your dream home.