Home improvement is a popular pastime that gives homeowners the chance to improve their living spaces and add value to their properties. The concept of home improvement has evolved over the years to include a more personalized touch to one’s home and to focus on areas that are in need of a little TLC. Homeowners are also looking at making changes for the sake of convenience and comfort.
In the latest NerdWallet survey, a majority of Americans who are considering taking on a project say they want to make their home more comfortable or updated to suit their current lifestyle. However, many people make the mistake of overestimating the costs and overspending on a project. This can result in not being able to complete the renovation or even going into debt to fund it.
It’s important to have a clear plan and budget for any project before you start. This will help you stay on track and avoid any surprises that can be costly. Whether you’re thinking about painting a room or adding a new floor, it’s crucial to take into account the cost of materials and labor. This can easily add up, especially if you’re working with contractors. It’s a good idea to ask for quotes from several different contractors and compare the costs before you settle on a final figure.
Another thing to consider is the ROI (return on investment) of a project. This can be difficult to determine because it depends on who’s doing the estimating, but there are some projects that typically provide good returns.
For example, a kitchen remodel has a high ROI and can increase the resale price of your home by up to 80%. Other projects that are typically good investments include adding a deck or patio, replacing an old roof and installing energy-efficient windows.
Despite the fact that most home improvement projects can be costly, it’s important to remember that the primary reason for renovating is to enhance your own living space. If you renovate solely based on what may boost your property’s value when you decide to sell, you might end up with an impersonal showplace that doesn’t feel like a home.
If you’re considering a big project, it’s a good idea to consult with a real estate agent before making any commitments. This way, you can get a better understanding of the current market and how it might impact your resale value. You can also speak to other local homeowners about the types of projects they’ve completed and how satisfied they were with the results.
Ultimately, it’s best to focus on the improvements that you and your family will enjoy the most. And remember that it’s also worth considering how long you intend to live in your home before committing to any major renovations.
