Home improvement projects add a lot to your house’s comfort and functionality. They can also improve your home’s value and help it sell more quickly if you’re planning to move. While many of these improvements are easy DIY jobs, there are some that are not, such as wiring and plumbing work. It’s best to leave these tasks to professionals unless you have extensive experience and tools. The most important reason to renovate your home is to keep it in good repair and livable condition. Some problems, such as a leaky roof or an electrical problem, must be taken care of right away. Other repairs are necessary to maintain your family’s safety and ward off more costly damage in the future.
If you want to increase your home’s resale value, choose improvements that are popular in your neighborhood and will appeal to the most buyers. For example, adding a deck or putting up a fence are both common and cost-effective ways to increase your outdoor living space. Replacing kitchen cabinets and countertops is another popular remodeling project that can boost your home’s resale price.
The number of homeowners taking on home improvement projects has increased during the past couple of years, according to the American Housing Survey (AHS). In fact, 3 in 5 homeowners have done some type of home improvement since March 1, 2020. The most popular project was a kitchen remodel, followed by an addition to the home and an upgraded bathroom.
In a time of economic uncertainty, it’s no surprise that more people are turning to their homes for stability and security. This is especially true for homeowners 55 and older, who are the main force driving home improvement spending. In 2024, this trend is expected to continue with an anticipated surge in spending on home renovations.
While rock-bottom interest rates are making home improvements more affordable, it’s still wise to weigh the pros and cons of different projects before you commit to them. For instance, if you’re thinking about selling your home in the near future, consider getting advice from a real estate professional before committing to a major remodel that could detract from your home’s marketability.
A good way to avoid overspending on a home improvement is to make a budget and stick to it. Then, before beginning the job, establish a payment schedule and withhold final payments until all work is complete and all required inspections and certificates of occupancy are in place. You can also use New York state law to require that contractors provide a contract for the work, which should include the timeline of when the project will be completed and a clear description of all costs associated with the project, including types and brands of materials.
Some home improvements will not boost your property’s resale value at all, such as an above-ground swimming pool that clashes with your neighbor’s more tasteful inground version. However, if you carefully research your options and plan well, the right improvements can transform your home into a comfortable and inviting space for your family while also boosting its resale value when it comes time to sell.