Home improvement can be a great way to improve your house and increase its value. However, there are many things to consider before starting a project. It’s important to find a trusted contractor who is licensed and insured. It’s also wise to get quotes from multiple companies before making a decision. Homeowners should also check references and speak to previous clients. Lastly, it’s important to know how much your project will cost before starting.
A recent NerdWallet survey found that most homeowners have plans to do some type of home improvement in 2022. Some of the most popular projects include painting rooms, replacing light fixtures and adding a patio or deck. Others are more significant, such as renovating the kitchen or bathroom or adding a bedroom or living room. These larger projects often carry a higher price tag and require more planning and time to complete than smaller, cosmetic upgrades.
According to the American Housing Survey, homeowners are spending more on home improvements than in previous years. The reasons for this increased spending vary. Some homeowners report that the COVID-19 pandemic prompted them to make upgrades in order to feel safer and more comfortable at home, while others say they wanted to upgrade their homes to make them more energy efficient or attractive to potential buyers.
Another reason homeowners undertake home improvement projects is to fix problems that would otherwise be costly to ignore. For example, a leaking roof or termite infestation could cause major damage to your property and significantly affect its value. Some issues, like faulty electrical wiring or a crack in the foundation, may be dangerous for your family and need to be addressed immediately.
Homeowners also renovate their houses to enhance livability and increase enjoyment. For example, some homeowners add rooms or update their kitchens to better accommodate family needs. Other upgrades, like a new pool or hot tub, can provide a place to relax or entertain friends and neighbors.
It’s also important to consider how the upgrades will impact your home’s resale value. Return on investment estimates for home improvements can vary widely, from over 100 percent to less than 20 percent. In general, renovations and remodels that improve a home’s functionality, such as opening up the kitchen or adding an additional bathroom, are likely to add value and be repaid more quickly than more decorative updates, like painting or upgrading light fixtures. It’s also a good idea to avoid over-improving your home. An overly customized home will likely be out of sync with the other homes in your neighborhood and might not appeal to future buyers. A real estate expert can help you decide on the best ways to improve your home.