Home improvement refers to any renovation work done on a house, including the installation of appliances and the construction of additions. Typical projects are:
Most homeowners undertake home improvements with an ulterior motive: to boost their property’s resale value. But not all remodeling projects are created equal. In fact, some of them actually decrease a property’s value.
A quick look at recent real estate market trends shows that more people are staying put, deterred from buying new homes by historically high mortgage rates. Fortunately, that’s good news for homeowners looking to get the most bang for their home renovation buck.
In terms of what kinds of home improvement projects are generating the best returns, sparkling bathroom overhauls top the list, followed by kitchen and basement renovations. However, some high-ticket projects — such as installing a smart thermostat or removing a tree — fail to deliver on the promise of adding value.
To avoid making costly mistakes, consult a local realtor about specific renovations that increase home value in your area, says Gordon. And don’t rely solely on DIY home improvement projects, as they often end up costing more than expected and could be dangerous. For example, Gordon suggests staying away from a DIY roof job, as it can be difficult to tell if a roof is damaged without professional inspection. And be sure to check insurance coverage in case you hit a gas pipe or accidentally damage your belongings while working on a home improvement project.
