Home improvement is a broad term that encompasses renovations, repairs and updates. Homeowners often undertake these projects to increase the value of their property and make it more livable.
Many remodeling projects have a specific purpose: adding an updated kitchen, finishing a basement or installing a pool. But not all home improvements are equal, and some projects may actually decrease your house’s resale value.
A swimming pool, for example, can only increase a home’s value by about 7%. It’s also a major undertaking that can be dangerous for small children and require a lot of maintenance and upkeep. So before you start your next big project, consider how it will affect your home’s resale value.
In addition to lowering your utility bills, making smart energy upgrades can help you qualify for better mortgage terms and rates. It’s important to talk to your mortgage lender before starting any renovations so they can tell you the types of energy upgrades that will qualify for a rate reduction and other discounts.
A new roof or a remodeled bathroom can have a significant impact on your home’s value. But it’s important to remember that the resale value of a home is based on its neighborhood, so you should avoid over-improving your home. If you do, it’s likely that your property will end up being less desirable to potential buyers and could even deter them from considering your home altogether.
The categories of home improvement that are surging the most right now are deck construction, putting up fences and hiring landscapers. This is probably due to the fact that many homeowners have extra money lying around since housing prices are at an all-time high. Also, rock-bottom interest rates make these types of improvements more appealing.
Whether it’s a smart thermostat or an automatic door opener, technology can be a great way to add functionality and convenience to your home. But the key is to choose products that are widely used and will remain relevant in the future. For instance, a smart thermostat can save you money by adjusting to current energy prices and weather conditions. It can also let you know when your washing machine is finished and even control it from a mobile device.
Another way to stay on top of home improvement trends is to follow the news and stay informed about changes in laws, codes and standards. Staying on top of these changes can help you save time, reduce costs and ensure that the job is done correctly.
Depending on the type of project you’re planning, it might be best to find a reputable contractor who has experience with similar renovations. It’s also a good idea to have a complete list of the work you want done before hiring someone. This will help you negotiate with contractors, lock in prices and avoid any surprises down the road. Also, be sure to check with your local building and code officials for any permits that might be required.