Home improvement refers to any renovation or remodeling project that improves the interior or exterior of a house. Unlike home repairs, which may involve a specific repair task, home improvements are broad in scope and often focus on aesthetics and functionality. They can be done for a variety of reasons; to increase the comfort and safety of a household, as an investment, or simply to upgrade the property’s value.
A recent report by the Contractor Growth Network shows that homeowners are spending billions on home improvement projects, which are expected to hit record highs this year. The research also revealed that some home improvement projects produce better resale value than others. Here are a few tips that can help homeowners choose wisely when planning their next home improvement project.
Getting a quality renovation done on your home is an excellent way to increase its value and make it more appealing to potential buyers when the time comes to sell. However, it is important to know which renovations will increase your home’s resale value and which ones are not worth the money. It is also helpful to find a contractor that has experience working on projects similar to yours, and has a good reputation for quality work.
The most popular home improvement projects are sparkling bathroom overhauls, followed by kitchen renovations. Unfortunately, these expensive projects rarely deliver a positive return on investment (ROI) and often cost more than they recoup in higher home sale prices. In fact, homeowners are only getting about a 60% ROI on these projects, according to Zonda Media’s data.
Home improvement projects that are expected to surge in 2023 include those that improve energy efficiency. New windows, a heat pump, and insulation are all examples of home improvement projects that will decrease a homeowner’s utility bills and pay for themselves over time. In addition, these upgrades will also appeal to buyers looking for a more efficient home.
Another category of home improvement that is surging this year are those related to the yard and outdoor living spaces. Deck construction is up nearly threefold, while fence construction is up more than 145%. These outdoor upgrades are a great way to add more living space and make your home more enjoyable.
When it comes to home improvement, it’s important to be savvy and consider both the financial returns on your investment and your overall happiness. It’s also important to find a contractor that is licensed, insured, and bonded in order to protect yourself from any problems that could arise during the course of your home improvement project.
When choosing a contractor, ask for referrals from friends and family members who have used them. Also, check out the business’s website and social media accounts to get an idea of what kind of work they do. Finally, always use a contract and be sure that it includes the company name, address, and MHIC license number preprinted on it. In Maryland, all contracts for home improvement work must be signed by both the consumer and the contractor before any work is done.