Home Improvement – Add Value to Your Home Without Spending a Fortune
Home improvement is the process of improving or repairing the existing home and may include adding or expanding rooms, remodeling bathrooms and kitchens, putting in new flooring, painting and landscaping. Home improvement projects are popular among homeowners because they can increase the value of a home or help with the functionality of a living space. However, many homeowners overspend on home improvements and end up losing money on their investment when it comes time to sell. It is important to consider resale values when choosing which projects to tackle.
According to a recent survey by Houzz, kitchen and bathroom remodels are the most popular types of home improvement projects. A kitchen update can include replacing cabinetry, laying new tile or creating an island. A bathroom renovation may include a new toilet, shower or tub, vanity, sink and fixtures. If you are unsure of what to do, consult with a professional home designer or contractor. These experts can provide ideas and guidance to help you create a space that fits your needs and style while also increasing the value of your home.
Another type of home improvement is adding a deck or fence. These types of projects are surging at the moment due to a combination of factors, including rock-bottom interest rates and a desire to spend money on something that adds value to the house. Before getting started on any project, talk with a real estate agent to ensure the addition will be worth it in terms of increased resale value.
The best home improvements are often the ones that make a significant difference in your daily life. For example, adding an additional bathroom can make it much easier for multiple people to get ready in the morning and reduce stress during family reunions or parties. Other projects that add value to your home but are easy to do are painting, fixing small cracks and repairing leaky faucets.
Before beginning any home improvement project, be sure to shop around for the best prices and services. Many reputable companies specialize in home improvement and offer competitive pricing. You can find out which contractors are reputable by checking their licenses, insurance and business references. It is important to avoid contractors who use high-pressure sales techniques or charge upfront fees.
If you are considering taking on a home improvement project, check with your homeowner’s insurance agent to ensure that your policy will cover any losses or damages incurred during the process. It is also a good idea to review your coverage annually, especially after any major renovations or additions to the home.
Always weigh the pros and cons of any home improvement project before starting work. Some projects, such as installing a hot tub in the backyard, might be nice but aren’t likely to add to your resale value. When in doubt, consult with a real estate agent or professional home designer to determine what types of projects will increase your chances of recouping the expense when it comes time to sell.