Home Improvement – How to Choose Home Improvement Projects That Add to a Home’s Value

Home improvement is a common pastime for many homeowners. Some projects are purely cosmetic, such as adding a fresh coat of paint or replacing worn flooring. Others are geared towards increasing a home’s value, such as updating the kitchen or bathroom. Still, others are meant to keep a home safe and healthy for the inhabitants, such as installing a new furnace or fixing a leaky roof. While most homeowners have a list of home improvement projects they would like to undertake, many don’t know which improvements will add the most value. The following tips can help ensure that a home improvement project is completed safely, on time and within budget.

Certainties in life include death and taxes, but another is that as a homeowner, you’ll probably face a number of unplanned home improvement projects over the years. While these can’t always be avoided, it’s a good idea to plan and budget for them, so you aren’t surprised when an unexpected expense arises.

While most homeowners have a long wish list of home improvement projects, few of them will actually increase a home’s resale value. It’s important to consider a potential home buyer’s perspective when choosing which renovations to undertake. For example, if you install a pool in your backyard, you may be turning off potential buyers who don’t enjoy water sports or have young children.

A new roof, updated kitchen, and bathroom renovations are all projects that will increase a home’s resale price, but not all of them will yield a high return on investment (ROI). That’s why it’s critical to choose wisely when planning your next big house remodel.

It’s also worth mentioning that many homeowners will find it difficult to pay for even large home improvement projects without tapping into savings, selling items, or going into debt. In fact, according to a recent NerdWallet survey, only 42% of homeowners who undertook home improvement projects in the past two years were able to easily cover the cost of their projects without having to make sacrifices or go into debt.

Fortunately, many projects are affordable and can be done on a budget. For example, updating shower areas, replacing vanities and toilets, and laying new tile are all simple and affordable upgrades that can have a significant impact on the look of a room. Likewise, adding storage space to a home is an inexpensive and easy way to boost its resale value. This can be as simple as putting in extra shelves or building under-stair storage.

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