Home improvement, also known as renovation or remodeling, refers to the process of enhancing one’s home through various projects. These projects can include interior decoration, building additions and other improvements, repairing damaged items or making upgrades to save energy and other costs. The market for home improvement has seen excellent growth in recent years due to the COVID-19 pandemic, higher housing prices and a growing population of homeowners who are ready to invest in their properties.
It’s important for homeowners to do their homework before hiring contractors or sourcing materials for any home improvement project. They should only work with reputable, licensed companies, and check out their credentials by asking for references or visiting past clients’ homes to ensure the quality of their workmanship. The internet is a great resource for finding companies that offer a wide range of home improvement services and comparing costs. Homeowners can also enlist the help of an aggregator, a company that brings together offers from different service providers and acts as an intermediary.
Many home owners renovate for a variety of reasons, including personal preference and comfort, maintenance or repair work, adding to a home’s size through the construction of additions and other improvements, or as a way to increase resale value. However, it’s vital to remember that not all home improvements add value. For example, installing a pool in your backyard might be a fun way to spend summer days, but it’s not likely to boost your property’s resale value. The best way to maximize your home’s resale value is by performing maintenance on the house and focusing on improvements that will appeal to the majority of buyers in your area.
Some renovations may cost you more than they will return when it comes time to sell the home, including high-end fixtures and unique renovations. For example, replacing a standard toilet with a luxury model can quickly cost over $1,000, and may not make a significant impact on your home’s overall appearance or resale value. Instead, try updating the shower with new tile, a more modern vanity and fixtures that will suit the taste of most buyers.
One of the most common mistakes homeowners make when undergoing home improvements is overspending. While it’s tempting to choose the best-looking flooring, cabinets and other renovations, it’s important to stick to a realistic budget so you don’t end up in debt. Putting yourself in debt for your home’s renovations isn’t just expensive; it will also take longer to recoup the costs of the project when it comes time to sell. If you’re planning on selling your home in the near future, speak to a real estate agent about what kinds of renovations are most likely to increase your home’s value. It’s also a good idea to consult with an architect before committing to any major remodels or renovations. They can help you determine the best design and layout for your home. They can also provide you with a detailed estimate and timeline for the project.
