Home improvement can improve the comfort and usability of your home. It can also increase your home’s value and make it more attractive to potential buyers. Many homeowners enjoy the satisfaction and pride of completing their own projects, but it’s important to consider your return on investment before starting any work. Depending on the project, it may be worth hiring professionals for dangerous jobs like wiring and plumbing. However, you can save money by performing some tasks yourself.
Experts say that rock-bottom interest rates have made home improvements more appealing. Many homeowners have taken advantage of these low rates to remodel their homes during the pandemic.
The most popular improvements are those that add living space, such as adding a bedroom or bathroom. Other common upgrades include painting, resealing the driveway, and installing security systems. Many of these improvements can be done quickly and easily and don’t cost a lot. However, it’s important to keep in mind that the highest quality renovations won’t always translate into a higher sales price at resale time.
In addition to increasing the overall value of your home, some projects can reduce energy costs and utility bills. For example, installing new windows or a heat pump can lower your energy costs significantly over the long term. In addition, a smart home automation system can monitor your energy use and adjust the temperature automatically to save you money.
A major reason that homeowners are investing more in their homes is to make them more comfortable for their family. According to a survey by the Harvard Joint Center for Housing Studies, 25 percent of homeowners 55 and older were responsible for half of all renovation spending in 2017. However, it’s important to note that not all home improvements will increase your property value or add living space.
Those that don’t have an immediate benefit for your family should be done only for resale value or to meet your neighborhood’s standards. For example, adding a garage that’s converted to living space won’t likely appeal to many potential buyers and will decrease your home’s resale value.
The home improvement market has been growing throughout the pandemic. However, many homeowners are worried about inflation and a possible recession that could slow down their home renovation projects. Nevertheless, most plan to continue renovating their homes over the next two years.
Homeowners should be careful when hiring contractors for home improvement projects. While there is a large ‘grey market’ of unlicensed contractors, you can find qualified and reliable service providers by checking their credentials and references. It’s also recommended to seek out local companies or those with membership in a reputable industry association.
When choosing a contractor, it’s crucial to check their license and insurance before hiring them. It is also important to get quotes from several different companies. This will help you compare prices and services, and avoid overpaying. Additionally, it is a good idea to ask your neighbors for recommendations.