Home improvement is a common homeowner endeavor that can enhance your living space and increase the value of your property. But it’s important to know which renovation projects will actually add value when you get ready to sell and which ones will just cost you money.
Home improvements and remodeling projects have become a priority for many homeowners during the pandemic. They’re spending more time at home and are looking for ways to make their living space more comfortable. Some homeowners are even considering putting their house on the market in the near future.
A fresh coat of paint, a new deck and even a garden can all fall under the home improvement umbrella, which also includes anything that increases the overall functionality of your property such as a pool, garage, gazebo or porch. However, it’s important to remember that not all states have the same definition of home improvement so you’ll need to research and find out if your state requires a sales tax for labor by contractors doing work on your property.
When it comes to resale, it’s wise to spend your money on those home improvement projects that will add the most value when you put your house up for sale. Some projects, such as replacing worn doorknobs or cleaning out the rain gutters are inexpensive and can have a high return on investment when it comes to getting your home ready for sale. Neglected maintenance issues, on the other hand, can be a red flag for potential buyers and could deter them from making an offer.