Home Improvement – Adding Value to Your Home

Home improvement is the business of renovating, repairing, maintaining, and beautifying homes. It encompasses a variety of projects, including painting, wallpapering, flooring, lighting, plumbing, landscaping, and more. The industry also includes retailers, contractors, and tradespeople who provide these services. The home improvement industry has seen excellent growth in recent years, especially during the COVID-19 pandemic. However, the industry’s future is uncertain due to rising inflation and slowing homeownership rates.

Many homeowners take on home improvement projects in order to make their residence more comfortable and attractive. However, it’s important to know what improvements will actually add value to your home and which ones are simply a waste of money. According to a report from Contractor Growth Network, only about half of all home improvement projects actually add value to your home. That means that you’re unlikely to recoup your investment. In addition, many high-end home renovation projects such as outdoor kitchens and pools can detract from your home’s overall resale value.

The most popular home improvement projects are sparkling bathroom overhauls, but they don’t necessarily add a lot of value to your house. In fact, according to the National Association of Realtors (NAR), the majority of homeowners who have undertaken a home improvement project during the pandemic say they weren’t motivated by a desire to sell their homes. Instead, they were more likely to cite reasons like upgrading worn-out surfaces and finishes, increasing enjoyment and livability, and fixing issues that needed attention.

In general, you should only invest in home improvements that will be beneficial to you and your family. However, if you are thinking about selling your home in the future, it’s a good idea to consult with a real estate professional to get their opinion on what type of projects will add value and which may not. You should also consider whether you are living in a neighborhood where the type of home improvements you make will be in line with the style and value of other homes.

In addition, it’s important to choose a reliable contractor for any home improvement projects you plan. A good way to do this is by using a service that matches you with home improvement professionals in your area who have been vetted for quality and reputation. It’s also a good idea to check a contractor’s license and insurance before hiring them. Finally, don’t go into debt to finance your home improvement projects. This is a big mistake that can end up costing you more in the long run. Besides, going into debt will only cause you stress and will not help you achieve the goals you’ve set for your home. Instead, save up for your home improvement projects and only spend what you can afford to pay off in a reasonable amount of time.