Home improvement is a popular pastime for many homeowners and is often done with the hopes of increasing a home’s value or making it easier to sell. However, not all improvements are created equal. Some can actually decrease a home’s value by turning off potential buyers.
Some renovations are also dangerous for homeowners to attempt themselves, especially if they don’t have the proper training or safety equipment. This can lead to injuries or property damage, so it’s always recommended that homeowners hire licensed professionals to handle their projects.
The most common home improvement project is a kitchen or bathroom remodel, followed by a new roof and garage doors. These improvements usually have a high return on investment, but it’s important to consider what other improvements will add value to your home before taking on such a large and costly project. A new driveway, patio or deck are other upgrades that can boost your home’s value and increase the likelihood of selling it.
If you’re thinking about doing a major home renovation, it’s important to consult with a real estate agent or financial expert first. They’ll help you come up with a realistic budget and plan for any unexpected costs. They’ll also be able to guide you toward projects that are most likely to pay off in the long run.
During a recent Cost vs. Value study, Angi found that the average home improvement provides a 70 percent return on investment. But these figures can vary widely depending on the type of project you choose and where your house is located.
Many homeowners are tempted to jump in and do a DIY project, but this isn’t always the best idea. Especially for high-end upgrades, you might not see the same return on investment that you paid for. For example, a master suite with a custom walk-in closet might not appeal to a buyer who wants a more standard layout.
It’s also important to consider how much a particular upgrade will stand out in your neighborhood. If all of your neighbors have standard appliances, flooring and fixtures, then you might not be able to sell yours for a higher price.
Other projects that can decrease your home’s value include removing trees, installing a swimming pool and adding too much curb appeal. While a unique tree like a female ginkgo biloba or sweet gum may be beautiful, they can be a turnoff for potential buyers who don’t share your taste. Additionally, a swimming pool might not appeal to younger families who are looking for a family-friendly home. Finally, a screened-in porch might seem charming to you, but it might be a turnoff for potential buyers who want a sunny and open space.
