Home improvement is the process of making repairs or renovations to improve the look, feel and functionality of a home. Whether it is a kitchen remodel to update outdated fixtures or a bedroom addition to create extra living space, there are many ways to add value to your home. However, it is important to carefully consider the projects you take on and choose those that will appeal to the broadest range of potential buyers. Also, it is important to avoid over-customizing your home to the point that it may not be appealing to future owners.
Some repairs and improvements are simply necessary. If your roof is leaking or your electrical system is outdated, you need to fix these problems as soon as possible. However, other projects can be more subjective. While a new kitchen or bathroom might make your house more enjoyable to live in, it might not add much resale value. If you are concerned about increasing your home’s value, choose upgrades that are consistent with the style and value of homes in your neighborhood.
The type of home improvements you make also can have a big impact on your overall energy costs. For example, replacing old windows or adding a heat pump can save you money in the long run. Energy-efficient upgrades are typically more attractive to future buyers as well.
Despite spending on home improvements being down from 2019 levels, there is still plenty of activity. About 3 in 5 homeowners have taken on home improvement projects since the beginning of the pandemic, according to a recent NerdWallet survey.
Many of these homeowners are reluctant to hire contractors due to their concerns about the spread of the coronavirus, but some are taking advantage of aggregators that connect them with local service providers. However, it is always important to research a contractor’s credentials before hiring them. This includes checking their license and insurance as well as contacting previous clients.
If you are thinking about doing some home improvement, it’s best to work with a professional. Doing it yourself might not only be more expensive, but could cause you to lose valuable time that would otherwise be spent working on the project. You might also damage your home’s structural integrity or end up doing a subpar job. Instead, leave the more complicated jobs to professionals who can handle them safely and quickly. This will ensure your safety and a high-quality outcome. In addition, many professionals offer financing, which can help with the cost of some projects. However, it’s important to understand the terms of any loan before proceeding. This will help prevent any surprises down the road. Also, it’s best to only borrow the amount you need to complete the project. Any more and you may find yourself in a lot of debt down the line. This can be a huge burden to deal with, especially if you are planning to sell your home. This is not a good situation to be in when you are trying to negotiate an asking price.