Home improvement can be a great way to update your home, boost its value and create a new ambiance. But before you dive in, consider what projects are the most important to your family’s needs and wants. Doing so will help you prioritize what should come first — and avoid making costly mistakes that can cost you money in the long run.
It’s a smart idea to consult with a real estate professional before launching any major home improvements. That’s especially true if you intend to sell your house in the near future. A pro can help you identify a few simple upgrades that may have a big impact on your home’s value.
The most popular home improvement project is remodeling the kitchen. A full renovation can add up to $70,000 to your home’s resale value. The second most common upgrade is adding a bathroom, followed by installing new floors and painting the walls.
Homeowners can save money by choosing high-quality materials on a budget and hiring a qualified contractor who provides quality work. Before hiring someone to do any work on your home, you should always check their license and insurance and ask for references.
During the Covid pandemic, many homeowners went on a spending spree to improve their homes. Now, as prices and sales activity have slowed down, it’s important to weigh the cost-benefit of your projects carefully. While the vast majority of remodeling projects were paid for with cash, 20% of homeowners who took on major projects during this survey period had to sell items or tap into emergency savings and 14% incurred debt.