Home improvement is a broad term for the renovation, repair, modernization, or decoration of residential or noncommercial real property. This includes the addition of new space, the improvement or repair of existing space, and the installation of additional fixtures, appliances, or systems in the house or yard. It also encompasses the replacement of doors and windows, and the construction of decks, patios, or sheds.
Some home improvements add more value than others, and you should always try to keep resale in mind. But, it is also important to remember that your own comfort and enjoyment of the home should be paramount. If you make decisions solely based on what will sell your house, you may end up with a home that doesn’t feel like yours.
There are a few basic ways to increase your home’s value: 1. Update the kitchen and bathrooms. This is a popular and relatively inexpensive project that can usually be completed in one to two weeks. 2. Make your home energy efficient. Energy-efficient projects such as replacing old windows, adding a heat pump, and increasing insulation can help you save money and reduce your carbon footprint.
3. Add a room. This can be a big job, but it has the potential to increase your home’s value and provide an extra living area. The most popular rooms to add are a laundry room, bathroom, and an extra bedroom. Adding an additional bedroom can be especially helpful if you have kids, and it is often more affordable than adding a family room or a kitchen extension.
4. Fix a safety issue. Sometimes, certain upgrades are necessary to maintain the health and safety of a home. These could include repairs to electrical problems, roof leaks, and cracks in the foundation. In these cases, it is critical to address the issue quickly before it becomes worse.
While many homeowners upgrade their homes to increase resale value, some choose to do so for personal reasons. According to Bank of America’s 2021 Homebuyer Insights Report, 54% of respondents reported that they are happier in their homes after completing home improvement projects. This could be due to increased livability or the satisfaction of seeing a finished project. However, it’s important to prioritize your happiness and make sure the project you choose will improve your home before making any major decisions. It is also helpful to consult with a realtor before starting any work. They can give you an idea of what is currently trending in your neighborhood and what your home might be worth after the renovations are complete. They can also help you find financing options if needed. They can even refer you to contractors. If you’re considering a large project, you can use home design software to model different versions of your home before you start any construction. This will help you to get the best return on your investment and stay within your budget. It will also ensure that the changes will blend in seamlessly with your home’s current aesthetic.