While the current economy and changing circumstances have led many people to embark on new home improvements, they can be very expensive. Taking the time to plan a home improvement project is essential. Often, renovations can make a big difference in a homeowner’s quality of life. If you’re considering a home improvement project, make sure you have adequate budgeting in place. Below are a few tips to make your home improvement a success.
Renovations are a popular American pastime
The popularity of home renovations has reached a fever pitch in recent years, with $326.1 billion in spending on home improvements in 2015. In the past, remodeling was a luxury reserved for the upper-middle class or the readers of glossy architecture magazines. With the rise in television, online, and print media, remodeling has become a widespread activity. In recent years, media has become more neurotic and often denigrates houses in need of renovation as “dated,” “immature,” and even “wrong.”
The shortage of affordable housing in the U.S. has impacted both homeownership and rental housing. Nearly half of all U.S. homes were built prior to 1980, with another third built prior to that. With more homes than ever needing renovations, the cost of ownership and maintenance is rising. Most homeowners buy a home only once in their lifetime, and then decide to renovate it rather than sell it and move to another location. In addition to aesthetic reasons, home renovations can help homeowners save money on their utility bills, insurance, and property taxes. In 2018, Americans spent an average of $17,730 per home renovation.
They can improve quality of life
A home gym can enhance your health, an upgraded kitchen can make you more efficient, and a renovated office can increase your productivity. Some of the latest trends in home improvement have been inspired by the Pandemic and the Lockdown, which have prompted people to update their homes with new features. International supply chain delays have also sparked an increase in renovations in home offices and yards. However, if you’re planning a renovation, it’s a good idea to plan well ahead.
They cost a lot
Considering making improvements to your home? It might seem like an impossible task, but you can make your house look nicer and more attractive for sale for a lot less than you think. Just getting your lawn mowed and your garage cleaned up will make your house appear cleaner and brighter. You should also remove the eyesore in your driveway. Even upscale neighborhoods have their share of eyesores. Make the most of your money by making simple improvements to your home.
If you’d like to increase the resale value of your home, you’ll want to take a look at the exterior of your property. A new roof and a fresh coat of paint can make them look great, but a worn-out baseboard will need replacing. The cost of installing new trim can range from $4 to $6 per linear foot, which could cost you about $350 to $750 per room. Tongue and groove ceilings are another popular choice for older homes, and can cost anywhere from $300 to $1300, depending on the size of your home.