Home improvement is a popular pastime for many homeowners. With the television schedule packed to the brim with shows such as Fixer Upper and This Old House, it’s easy to get caught up in a desire to remodel or redecorate your own living space. However, while many homeowners enjoy a good challenge, they also want to ensure that the projects they undertake add value to their property. To do so, they need to understand which home improvements actually make a difference in their homes’ resale value, and which ones may not have much impact at all.
When deciding what home improvement projects to take on, it is important for homeowners to be realistic about their budgets. Those who jump into a project without considering the costs involved can end up overspending and going into debt. To avoid this, they should research all of the options available to them. There are a variety of home renovation projects that do not require large amounts of money but still offer a good return on investment, including painting, re-grouting tile and power washing the exterior of a house.
It is also necessary to consider the time frame in which homeowners plan to sell their homes when planning home improvements. Some renovations will increase a home’s resale value immediately, while others may not have a great impact on the market for a number of years. Structural home improvement projects, such as adding an addition or finishing raw space, tend to add value for a longer period of time than simply upgrading kitchens and bathrooms or installing smart appliances.
A recent study by Houzz found that homeowners who are either in the process of selling their homes or have already sold them are investing in home improvements at a higher rate than those who do not plan to sell their properties. Those who are currently in the process of selling their homes are most likely to invest in renovations that will add immediate value, such as painting and refinishing hardwood floors or re-facing their kitchen cabinets. However, those who are not currently in the process of selling their homes are more likely to spend their money on renovations that will make their houses more livable for the next couple of years.
In addition to helping improve their overall quality of life, many homeowners renovate with the goal of increasing their home’s resale value. This is especially true for those who are in the early stages of homeownership and are looking to put their stamp on their living spaces before selling them. Some of the most common home improvements that will add value include painting and refinishing woodwork, updating kitchens and baths and installing new lighting fixtures. Another option is to add a deck or patio, which can increase living space and create a comfortable outdoor environment. In these uncertain times, homeowners are increasingly turning to home improvements to create a more comfortable and attractive living space for themselves and their families.