Home Improvement – Boosting Your Home’s Value

Home improvement

Home improvement is a huge industry that encompasses the sale of building materials, appliances, and decor, as well as the hiring and services of contractors, tradespeople, and DIYers who help to renovate or improve homes. This market has seen robust growth in recent years, even during the COVID-19 pandemic, and is expected to continue to grow through 2023.

Many homeowners want to increase their property values by making renovations. However, it is important to remember that not all improvements will add value. A homeowner may think that a backyard swimming pool will boost value, but buyers are more interested in pools that are in line with the style and size of other homes in the neighborhood. The same goes for other high-end renovations, like top-of-the-line appliances and imported marble countertops.

It is also important to consider the time frame in which an improvement will add value. Structural and design improvements are generally better choices, compared to technological upgrades, as they tend to stay in demand for longer periods of time.

Another consideration is that buyer preferences vary greatly from one market to the next. A bathroom or kitchen remodel, for example, is a safe bet to boost value, but a finished basement is not. In some markets, renovations such as decks and sunrooms will also add value, but in others they may not.

Before embarking on any renovations, it is always a good idea to consult with a real estate professional. They can help you determine the best ways to make improvements that will increase your property value and ensure that any work you do will be cost-effective.

Homeowners who are planning to sell in the near future should be careful not to overspend on home improvement projects. For example, a homeowner may invest in a master suite that features a large bathroom and walk-in closet, but this upgrade will probably only add about $15,000 to the home’s overall value. If you are planning to sell in the future, talk with a real estate agent to see if your plans will boost your home’s value and appeal to a wide range of buyers.

Whether you are an expert contractor or just starting out with home improvement, a little knowledge can go a long way. Before you start your project, create a budget and a timeline to keep yourself on track. Then, use tools such as 3D renderings or floorplanner to see how your project will turn out before you invest any money. Lastly, don’t forget to update your home insurance policy after your renovations are completed. The value of your home will increase, and your old insurance policy may not provide sufficient coverage. A home insurance pro can help you select the right coverage for your unique situation.

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