Home improvement is the process of upgrading an existing home, either by remodeling or making additions. It also includes improving a home’s safety or energy efficiency.
Investing in home improvement projects may be an effective way to improve your home’s value, whether you plan on selling it or not. But before you begin a renovation project, it’s important to consider how the project will affect your home’s resale value and what steps you should take to ensure that the changes you make won’t end up costing you in the long run.
Resale value and the wrong renovation
One common mistake home owners make is to spend more money on home improvement projects than they can afford. That’s a risky move, especially for first-time homebuyers and others with limited budgets.
If you’re unsure of what upgrades will boost your home’s resale price, a real estate agent can help you determine the value of your property by using a valuation service. They will also advise you on the best types of home improvement projects to complete so that they increase your property’s market value.
Remodeling is a key home improvement strategy, as it can increase your property’s market value while making your home feel more livable. When you remodel, it’s crucial to update your electrical, plumbing and HVAC systems as well as improve core areas like kitchens and bathrooms.
Your new bathroom installation should focus on upgrading worn surfaces and materials, improving function and livability and modernizing the space to match your lifestyle. According to realtors, a bathroom renovation can add between $20,000 and $25,000 to a home’s market value.
Choosing the right contractor
There are many contractors out there, and it’s important to choose the best. Check credentials, reviews and reputation before hiring a professional. Ask questions about their experience, and don’t hesitate to ask for references from previous clients.
Home improvement services can range from minor projects to complex overhauls, depending on the needs of your home and your budget. The key is to find a company that will work within your budget and provide excellent customer service.
In addition, you should make sure that the contractor has all the necessary licenses and insurance to complete your home renovation. This will avoid costly misunderstandings down the road.
A good way to find the right company is to ask friends and family for recommendations or do a Google search for local companies that have been in business for several years. You can also check the Better Business Bureau and ask about reviews.
When it comes to the right home improvement contractor, it’s best to get multiple estimates from several companies. This will allow you to compare costs and get the best deal.
If you’re looking for a loan to pay for your home improvements, the Bergen County Home Improvement Program (HIP) might be a good option. The program offers interest-free loans for low to moderate income homeowners who are seeking to enhance the value of their homes and the surrounding neighborhood.