Home improvement refers to a variety of renovations that improve the value and function of your home. Whether it’s fixing leaky faucets or adding an addition, there are plenty of projects to keep you busy. However, not all home improvements are created equal. Some add more value than others, and some can actually cost you money in the long run. Here are some tips to help you make smart decisions about your next home improvement project.
Some homeowners may be tempted to renovate their homes solely based on how it will impact the resale value down the line. But, it’s important to remember that your comfort and enjoyment should come first. If you remodel solely to increase your resale value, you could end up with a house that doesn’t feel like your own.
The most common home improvement projects are those that address health, safety and security issues. These include replacing worn doorknobs, cleaning out gutters and repairing sidewalk cracks. Many of these fixes are inexpensive and have a high ROI.
Another popular home improvement project is adding a deck or fence to the backyard. This is an excellent way to create a more usable outdoor space and add curb appeal to the home. However, it’s important to keep in mind that a deck or fence can add up quickly. It’s also a good idea to choose durable materials and quality workmanship to ensure that your investment lasts.
Other popular home improvements include kitchen or bathroom upgrades. But, if you’re looking for the highest return on your investment, focus on small upgrades such as updating light fixtures or refreshing shower areas. Avoid going overboard with luxury fixtures, as these can detract from the resale value of your home.
According to the American Housing Survey, most homeowners use cash from savings to pay for home improvement projects. However, funding for more expensive improvements comes from a variety of sources including cash-out refinancing, credit cards, home equity loans and contractor arranged financing.
With rock-bottom interest rates, it’s a great time to consider investing in your home. But, before you start pulling out the tools, read these expert tips to help you avoid costly mistakes.
Adding an extra bedroom or bathroom is one of the most common and popular home improvements. It increases the livable square footage of the home and often adds to the overall resale value. However, it’s essential to have a plan for the new room before making any changes.
It’s also a good idea to hire a professional and have a contract drawn up before beginning any work. This can protect the homeowner against unauthorized work, misrepresentation and unfair pricing practices. Also, a written contract will provide documentation of the agreed upon price and payment terms, which can prevent disputes down the road. When working with contractors, homeowners should only hire reputable companies that are licensed and insured. Performing background checks such as verifying license and insurance, checking business references and comparing customer reviews can help homeowners make wise choices when hiring a home improvement contractor.