Home Improvement on a Budget

Home improvement can be a fun and rewarding project for homeowners, especially when it’s done on a budget. Whether it’s re-doing the front door, updating cabinet hardware or repainting the house, there are plenty of things that can be done to make a house feel new again without breaking the bank.

But not all home improvement projects add value to a home. In fact, some can even decrease value. There are a number of factors that affect the return on investment (ROI) of a home improvement project, including the type and scope of work done, and how it relates to other homes in the neighborhood.

It’s also important to remember that ROI isn’t just about the money you get back when you sell your home. It’s also about how satisfied you are with your home. That’s why it’s so important to carefully select the projects you take on. For example, if you have your heart set on renovating the kitchen, it’s important to make sure the changes are aesthetically pleasing and that they fit in with the rest of your house.

One of the biggest mistakes homeowners can make is over-improving their home. This may cause them to spend more than they can afford and could negatively impact their home’s resale value. It’s best to focus on improvements that will benefit the majority of potential buyers and are in line with the style and value of other homes in the area.

The pandemic drove many homeowners to upgrade their homes, but it wasn’t the only reason for a spike in renovations. A NerdWallet survey found that 83% of surveyed homeowners who had renovated in the past two years did so for other reasons, including improving their satisfaction with their home (41%), increasing functionality (39%), adding features to the home (30%) and simply wanting a change (16%).

The pace of DIY home improvement has slowed, but it’s still a popular activity for households. Home Depot and Lowe’s both reported that shoppers are putting a hold on more ambitious remodeling projects in favor of cheaper DIY fixes, such as replacing cabinet handles or buying new shower curtains. However, both retailers expect that the slowdown will be temporary and that more upgrades will occur in the coming months as consumer prices increase and householders become more confident about making big-ticket purchases. It’s also important to know that not all contractors are created equal. It’s always a good idea to hire a contractor who is licensed, insured and accredited by a professional organization, such as the Better Business Bureau or a trade association. Getting a quote from a few contractors and asking for references before hiring someone can help you choose the best contractor for your next home improvement project. This will ensure that you’re working with a reputable company that will provide quality work. And it’ll give you peace of mind that you’re not wasting your hard-earned money.