Home improvement is a type of renovation, remodeling, or repair that adds value to a home or makes it more functional. Improvements can include replacing windows, doors, roofs, appliances and more. In addition, they can improve energy efficiency or make a home more attractive to potential buyers. However, not all home improvements add value. It is important to plan ahead and consider your options before starting a project.
Homeowners have been modifying their homes during the pandemic, with projects ranging from tub-to-shower conversions to new decks. While professional contractors have largely stopped their work, do-it-yourselfers are tackling more projects than usual. According to a recent survey, half of homeowners have started at least one DIY project during the pandemic.
Despite the pandemic, many homeowners remain optimistic about their housing markets. In fact, more than a third of the respondents to NerdWallet’s September 2020 Home Improvement survey said they were planning to take on more projects this year. That’s up from 69% in 2018.
When it comes to home improvement, there are a few things to keep in mind. First, it is important to consider your needs and those of your family. A family with kids might want to update the kitchen or add a second bathroom, while a single person might prefer a bigger master suite or an updated living room. However, when making improvements, it’s important to balance cost with function.
Another important factor to consider is the neighborhood and local market. For example, if you live in a suburban neighborhood, adding an in-ground pool might not be the best idea. It might not fit in with the other pools in the area and may even detract from your home’s value. It’s also important to be realistic about how much your improvements will add to your home’s value. A primary suite, a gourmet kitchen or an outdoor living space can all increase your home’s value, but they also tend to be more expensive than other upgrades.
Finally, it’s important to research your project’s return on investment before beginning it. If you’re not sure what projects will add the most value to your home, talk to a real estate agent before starting a project. They can help you plan a project that will appeal to the most potential buyers and ensure that your investments will pay off when it comes time to sell. A fresh coat of paint, for example, can be an inexpensive way to give your home a makeover and boost its value. Similarly, upgrading your home’s energy efficiency with new windows or insulation can lower utility bills and make the home more attractive to potential buyers in the future.