Home improvement can be a great way to add value to your home or simply update it. But it’s important to do your research before you start swinging that sledgehammer! Learn about the most popular projects, the best ways to save money and which home improvements are worth the investment.
There are few certainties in life, but the ones that apply to homeowners include death and taxes. And there are also a few things that can’t be put off, like fixing a leaky roof or replacing old windows. That’s why home repair and improvement is such a large part of the American economy. Homeowners spent $522 billion on 115 million projects from 2017 to 2019 — and those are just the ones we know about.
It’s no wonder the TV schedule is stacked with shows like Fixer Upper and This Old House. But it’s one thing to watch those shows and another to actually get your hands dirty. Whether you’re planning to upgrade your bathroom or add an extra bedroom, here are three things to consider before breaking out the power tools.
1. The resale value of your home.
If you’re planning to sell your home in the future, it makes sense to renovate to increase its resale value. However, if you plan to live in your home for several more years, it may make more sense to renovate to improve your enjoyment of the home or to suit your personal preferences.
A full renovation is the most common type of home improvement and can involve substantial structural changes, as well as major changes to layout, finishes and aesthetics. The most popular renovations include adding an extra bathroom and making kitchen upgrades, such as updating cabinets, appliances and flooring.
2. The satisfaction of completing the project.
Many people choose to renovate their homes because they enjoy doing it. In fact, a Bank of America 2021 report found that 54% of respondents experienced greater happiness with their homes after completing home improvement projects. This is especially true for projects that involved landscape changes, such as installing a new front door and replacing outdoor lighting.
It’s important to keep in mind, though, that not all home improvements will pay off in the long run. It’s also important to do your homework to ensure you’re hiring a reputable contractor. Always check a company’s license, insurance and business references before signing a contract. And don’t be afraid to ask questions if you’re not sure about something. A good contractor should be willing to explain the process and answer any questions you might have. This will help to reduce the risk of unexpected issues and costly delays down the road. And remember: pay with cash rather than credit to avoid racking up debt.