Home improvement is a common way to add value to your home. However, not all improvements are a good investment. It’s important to do your research and consult a real estate professional before making any major renovations. This will help you avoid spending money on upgrades that don’t add resale value and keep you from going into debt.
A home improvement is any type of construction or renovation work that alters the structure of a home. This includes everything from adding a room or installing a deck to changing out light fixtures or repairing drywall. Home improvement can be done by a skilled do-it-yourselfer or by hiring a contractor. While a professional is often recommended, do-it-yourself projects are popular as well. TV home improvement shows have helped to spur this trend. Shows like Bob Vila’s This Old House and Trading Spaces have helped blur the line between what was once considered a male-dominated activity (carpentry work) and the largely feminine realm of interior design and decoration.
According to the National Association of Realtors, a kitchen remodel is one of the top five home improvement projects that add value to a home. Other popular projects include upgrading the master suite, converting a garage into living space and replacing the roof. Before starting any home improvement project, it is important to do your research and find a licensed contractor. It’s also a good idea to ask for referrals from friends and family members and to check business references. An aggregator website can be helpful as well, as they collect information on contractors and allow homeowners to compare estimates and ratings.
Some home improvement projects may not add much resale value, especially if you go over the top with unique features. For example, installing marble flooring in your bathroom might make your house stand out from the neighborhood, but a potential buyer would probably prefer something more traditional. Also, expensive outdoor additions might turn off some buyers. If you’re thinking about adding a hot tub or fountain, it might be wise to talk to your neighbors first.
If you’re planning on selling your house in the future, it’s best to stick with midrange upgrades that will appeal to a wide range of buyers. It’s also a good idea not to outpace your neighborhood. If your house has fancy features that no one else has, you might be better off renting the property. And always remember that going into debt is never a good idea. When it comes to home improvements, you’ll end up paying thousands of dollars in interest, which will detract from the overall price of your home when you eventually sell it. For these reasons, it’s essential to stay within your budget and only hire a trusted contractor. By comparing prices, requesting business references and doing a background check on each candidate, you can find the right contractor for your next project. It’s also a good idea for homeowner to sign a contract that lists the total cost of the project, payment terms and any warranty details.