Home Improvement Ideas to Boost Your Home’s Resale Value
Home improvement is a great way to add value to your home. It can also improve your home’s appearance and make it more functional. From fixing a leaky faucet to adding an extra bedroom, there are many different ways to upgrade your house.
The best home improvements depend on what your priorities are and what will add the most to your home’s resale value. Some improvements are simply necessary, such as fixing a leaking roof or replacing a dated carpet. Other projects can be more of a luxury, such as a spa-like bathroom or an expanded kitchen. Still, you’ll want to talk with a real estate agent before making any big changes. He or she can help you determine what upgrades will work best for your home.
According to the latest American Housing Survey, homeowners spent more than a half-trillion dollars on home improvement projects during the past two years. That’s an increase of about $100 billion over the same period a year earlier. This year, however, Americans may be more cautious about spending on bigger renovations.
In addition to the price tag, homeowners should consider how much time they’re willing to spend on their project. Some tasks can be completed in a few hours, while others require weeks of time. If you have a large job to take care of, hire a professional to get it done as quickly and efficiently as possible.
It’s important to choose your materials carefully. If you’re a DIYer, choose affordable options that won’t break the bank. If you’re hiring a contractor, be clear about what you want to be done and establish a payment schedule before the project begins. If you don’t, you may be stuck with a higher-than-expected bill for labor or materials.
Another thing to keep in mind is that remodeling costs can go up or down depending on the season. If you’re planning a major remodel, try to start during a slower season, such as the winter or fall.
The most popular home improvement projects include updating the kitchen, remodeling bathrooms and adding a master suite. A secondary suite can also boost resale values, especially if it’s an attached unit with a private bathroom and walk-in closet.
Although the Covid pandemic has cooled enthusiasm for DIY home projects, many contractors say they expect a revival as the economy improves. Emmanuel Forge, a traveling contractor who posts home-renovation advice on TikTok and Instagram under the name Remodel School, says that many people underestimate how much their renovations will cost. As a result, they often end up overspending or going into debt. He says a few people have even dropped their projects altogether during the pandemic. But he believes most will revisit their plans later this year. “There’s pent-up demand,” he says. “People want to live in better homes.” The National Association of Realtors agrees. After completing one renovation, 86% of surveyed homeowners said they felt motivated to renovate other parts of their homes.