Home improvement, also known as remodeling or renovation, is the process of making changes to a residential property. It can include anything from resurfacing the driveway or adding an extra bathroom to building a deck or installing a new roof.
Regardless of the reason behind home renovations, there are some things homeowners should keep in mind to ensure they’re not going overboard or wasting money on projects that won’t boost their homes’ value. The first is to make sure your home is comfortable for you and your family.
The second is to look at how a home improvement project will affect your home’s value and how much you can get back from it when you sell the house. This is especially important if you’re thinking of selling the home soon after the improvements are complete.
You should also consider the aesthetics of your home and whether it’ll improve the look of the exterior or interior. A home with great curb appeal will attract more potential buyers than a poorly maintained or outdated one.
For example, you may want to think about replacing your roof before you renovate your kitchen or bath because the cost of a new roof will be higher than what you’d pay for resurfacing your existing roof.
Another thing to keep in mind is that many home improvement projects will increase your house’s value, but some can actually detract from it. So before you start any renovations, make sure to consult with a real estate agent and find out what kind of home improvement projects can add value to your home.
Before deciding on what home improvement project to undertake, it’s important to check with your local government for requirements and regulations. For instance, some states have laws that require contractors to register before they can work on your property.
In addition to getting a permit, you should make sure to follow any safety codes that apply to your renovation projects. You should also consider what tax implications the renovation will have on your property and how you can protect yourself from liability.
Lastly, it’s vital to make sure the renovation you choose is right for your lifestyle and will meet your financial goals. If you’re trying to sell your home in a few years, then it’s best to stick with projects that will make your house more appealing to potential buyers.
Overall, the average homeowner anticipates spending $7,746 on home repair and improvement projects in the next two years. And nearly a quarter of all homeowners expect to spend $10,000 or more. In other words, there’s no shortage of people willing to spend a lot of money to improve their homes.