Home improvement is a great way to make your home more comfortable while you live in it and increase the resale value. But not all renovations are created equal, and some can actually decrease your home’s value. Here are a few things to consider before you start hammering nails or pouring concrete.
Generally, any project that increases the usefulness of your home can add value. This includes kitchen remodels, bathroom upgrades and adding living space to your property. However, some renovations can be a waste of money. For example, installing a fancy kitchen sink can detract from your home’s resale value because most buyers want a more functional kitchen.
The best way to ensure your renovations pay off is by doing them in phases. This allows you to save up for the expensive components and avoid going into debt. In addition, it gives you the chance to see how much your project is actually costing you before you commit. You can also use your home equity line of credit to finance a large part of the work, which helps you get a lower interest rate than a personal loan would.
While many homeowners love to splurge on their homes, not all projects will boost the resale value of your house. In fact, some renovations can even turn off potential buyers and may cause your home to sit on the market for a long time. To ensure your home improvements are worth the investment, consult with a real estate expert in your area and make sure that you’re doing projects that will be of interest to most people.
The good news is that the majority of home improvements add value to your property, according to RenoFi. The best way to determine whether a particular project will yield a return on your investment is to consult with a real estate expert in your local area, recommends Benjamin Ross, a real estate investor and blogger at Corpus Christi-based home remodeling company RenoFi.
To keep your home improvement budget in check, make a comprehensive list of the work you want done. This will help you negotiate prices with contractors and prevent unscrupulous builders from trying to sell you additional services that you don’t really need or want. In addition, it will help you eliminate elements of the job that are less important to you.
Finally, it’s a good idea to choose a contractor who has several years of experience and is licensed in your state. You should also request quotes from multiple contractors to compare prices and quality of work.
Whether you’re looking to upgrade your home’s aesthetics or improve its function, these tips will help you get the most out of your home improvement project and avoid making costly mistakes that could cost you down the road. Invest wisely and you can enjoy your renovations for years to come.
Americans are obsessed with improving their homes, and that obsession has helped power home-center chains like Home Depot. But the trend is starting to fade as economic uncertainty causes consumers to hold off on spending.