Home Improvement and Resale Value

Home improvement is the remodeling, renovating, repairing, restoring or modernizing of any part or all of a home. The term also includes the addition of a new room to a house, such as an additional bathroom or a family room. Home improvements can increase the livability of a house, and they often improve its appearance as well.

Many people embark on a home improvement project to make their house more enjoyable or fit their needs better, but it’s important for homeowners to consider how the work will affect resale value as well. Some home improvement projects may not add much value or even decrease a house’s appeal if they are done for the wrong reasons, such as improving a house too much above the neighborhood average.

There are few certainties in life, but one of them is that homeownership comes with its share of home repair and improvement projects. These can pop up at any time, ranging from a leaky roof to a flooded basement that just can’t wait. Most of these tasks are minor and can be completed quickly, but others can be more involved and costly.

When it comes to making home improvements, it’s best to start with those that will be most effective in terms of adding resale value. This might include things such as adding an extra bedroom or bathroom, adding a kitchen island and replacing old windows or doors with more energy-efficient versions. Other popular home renovations include painting, installing hardwood floors or adding a deck or patio.

In addition to enhancing the livability of a home, other important factors to consider when doing a home improvement project are cost and safety. Homeowners should never take on any major project that could put them or their family in danger, and it’s always wise to consult with a professional before starting any work.

Despite Covid-20-related social distancing, some households are continuing to spend more time at home and have renewed their interest in upgrading their houses. According to the National Association of Realtors, about 3 in 5 homeowners have undertaken some form of home improvement project during 2020.

It’s also essential for homeowners to consider their budget and current financial situation before starting any home improvement projects. It’s important to ensure that any improvements made will be worth the expense when it comes to resale value, and they should also try to keep costs low so they can complete projects without draining their savings or going into debt.

When it comes to hiring contractors for a home improvement project, it’s important that they be licensed and insured in the state where the work is being performed. It’s also a good idea to ask friends and neighbors for recommendations and check references before choosing a contractor. For large projects, a homeowner should hire a general contractor that has experience with the type of work being performed. An aggregator website like AllHomePros can help homeowners find qualified contractors for their home improvement needs.