A home improvement project can be a great way to enhance your living space and make your home more functional. It can also increase your property value, if it is done well. There are many factors that go into making the decision to renovate, such as cost, time frame and feasibility. You can save money by doing some of the work yourself, or hire a professional to complete your project. In either case, it is important to know what to look for in a good home renovation contractor and the options available for financing your project.
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There are many types of home improvements that can be made, and each will add different amounts of value to the home. Some projects are very high-end and expensive, while others are more affordable. However, not all upgrades will result in a positive return on investment when it comes time to sell. The average homeowner spends about $30,000 on home improvements, according to a study by the Harvard Joint Center for Housing Studies. The biggest share of this spending goes to homeowners in their mid-to-late 50s.
To get the most bang for your buck, opt for upgrades that will appeal to the widest range of potential buyers. For example, installing an expensive marble bathroom may not appeal to a buyer who is looking for a more modest bath.
Other common upgrades include replacing vanities and toilets, laying new tile or fitting new countertops. If you do opt for higher-end materials, choose ones that are more neutral in style so they will blend with a variety of aesthetics. Also, be sure to keep the cost of your upgrade within reasonable limits.
It is also important to stay on top of routine maintenance tasks. This will help ensure that minor problems don’t turn into major repairs down the road. Some of these maintenance items are as simple as applying a fresh coat of paint to the exterior or interior of your home.
In addition to maintenance tasks, upgrading your home with energy-efficient appliances and windows is a good way to add value. These improvements will also lower your utility bills.
Another way to add value is to convert your garage into an extra bedroom or living space. This is a popular remodel that can be done fairly inexpensively. However, before you begin any project, you should assess your financial situation and consider the possibility of using a home equity loan to fund it. This type of loan uses the equity in your house as collateral and is typically repaid over 5-30 years with fixed monthly payments.