Home improvement refers to any type of alteration, repair or modification to a home, including the installation of appliances, fixtures and finishes, such as painting or flooring. It also includes outdoor projects, like paving and landscaping, as well as indoor work, such as replacing or repairing doors and windows or adding insulation. It can be a simple DIY project, or it could involve hiring contractors to do more extensive remodeling or repairs.
The defining characteristic of home improvement is that it adds to the usefulness and comfort of a residence. It can also help raise neighborhood standards and increase property values. Home improvement projects tend to boost local economies by increasing consumption of materials and generating jobs for professionals who offer services for home enhancements.
According to a NerdWallet survey, nearly all homeowners have undertaken or are thinking about taking on a home improvement project in the next two years. But what’s the best way to make those improvements if you want to maximize your home’s value?
Ideally, any home improvements you undertake should be based on your own needs and desires. For instance, if you’re planning to sell in the future, it’s a good idea to renovate for buyers, but if you’re staying put, it might be more important to invest in upgrades that improve your quality of life.
Before embarking on a home improvement project, you should know how much it will cost and what the ROI is. The ROI is the percentage of money you can expect to recoup in the sale price of your home once you’ve completed the project.
If you’re unsure about how much a certain project will cost, it’s wise to get quotes from contractors before you start the work. Ensure you’re working with licensed and insured contractors and look for companies that belong to a professional association. It’s also a good idea to check business references and customer reviews before hiring anyone.
Many people consider remodeling their homes to be one of the biggest investments they’ll ever make. But the truth is, not all home improvement projects add a lot of value. In fact, it’s possible to spend more on a renovation than you can recoup in the sales price of your home.
The most valuable projects to complete are those that increase a home’s energy efficiency and reduce utility bills. This includes installing a smart thermostat and replacing old, inefficient appliances.
Other worthwhile projects include putting in a new driveway or sidewalk, repairing leaky roofs and adding insulation. In some cases, the ROI for these types of projects can be as high as 50%.