Home improvement, also known as renovation, remodeling or updating a property, includes any type of work that changes the structure of an existing dwelling, including but not limited to refinishing wood floors and adding a master suite. Homeowners often make renovations in order to improve the resale value of their home and increase its efficiency.
According to a recent survey by Houzz, more homeowners plan on renovating their homes this year than they did last year. The most popular projects will be upgrading kitchens and bathrooms, installing new energy-efficient appliances and converting the garage into a living space. Many homeowners are also hesitant to sell, which has made them more interested in renovating than they would have been otherwise.
It is important to keep in mind that not all home improvements will increase a property’s resale value. Some may actually decrease it, and some will only make it more difficult to sell. For example, a home recording studio might be a great addition for someone who loves to record music, but it will probably turn away most other potential buyers. Similarly, installing expensive light fixtures that are unique to the homeowner could also turn away buyers.
The best way to determine whether or not a particular home improvement project will add value is to talk to a real estate agent. They will be able to tell you which renovations are most likely to pay off, and which are just a waste of money. Homeowners should also take into account the cost of materials and labor before embarking on a project, and avoid going into debt to complete their renovation.