Home improvement, also known as home remodeling or renovation is the process of updating a living space in order to increase its utility and comfort. These projects can include anything from remodeling kitchens and bathrooms to adding extensions or converting garages into living space. Home improvements can be expensive, and it’s important to consider the return on investment before making any major decisions.
It’s no secret that some home renovation projects can add significant value to your property, but it’s also important to keep in mind that a good home improvement project isn’t always an instant money maker. It’s critical to carefully consider each option and select a renovation that will meet your personal preferences as well as the needs of potential buyers.
In general, the most valuable home improvements are those that make your house more functional, safe or energy efficient. For example, replacing outdated electrical systems with more modern versions can improve your home’s safety and reduce your electricity bills. Other energy-efficient upgrades that can add value to your home include installing new windows, smart thermostats and replacing old doors with more efficient ones.
Despite the recent downturn in the real estate market, homeowners continue to invest in home improvement projects. According to the National Association of Realtors (NAR), homeowner spending on home improvement projects in 2017 was at its highest level in more than 20 years, reaching $233 billion. The NAR’s Improving America’s Housing report shows that homeowners with higher incomes are more likely to undertake projects, and they tend to spend more than those with lower incomes.
Homeowners can find a wide range of contractors offering services to complete a particular project. However, it’s important to choose a contractor with an excellent track record and one who has the necessary licenses and insurance required to work in your area. In addition, a qualified contractor should be able to provide detailed bids that include all costs associated with the project, including labor and materials. The contract should also contain any warranties or guarantees for the work performed, and all promises made by a contractor should be put in writing.
A successful home improvement project can add to your home’s resale value and help you sell it for a better price. It can also increase your satisfaction as a homeowner. However, it’s important to weigh the pros and cons of each project before beginning work. Some improvements, such as a new front door or painting your house, can be done relatively inexpensively and may significantly enhance your home’s curb appeal. Other projects, such as a landscape upgrade or new flooring, are less likely to boost your resale value and might not pay off in the long run.