Home improvement is a popular pastime for homeowners, and it can also be a way to add value to your property. Home renovation projects can include anything from replacing outdated appliances to adding a new bathroom or kitchen. However, before you start any home improvement project, it’s important to understand how much return you will receive on your investment and what projects will actually increase your home’s value.
Whether you’re looking to make some minor updates or a major overhaul, this guide will help you get started on your next home improvement project. From choosing materials to hiring contractors, this guide will walk you through the process step by step. Plus, we’ll provide expert tips and DIY advice to save you time and money.
According to a recent NerdWallet survey, more than half of all homeowners are planning home improvement projects in the near future. Many of these projects are relatively inexpensive, such as painting or updating light fixtures. However, some are more costly, such as renovating the kitchen or adding a bathroom. In addition, a few projects may require professional assistance, such as installing an HVAC system or refinishing the basement.
One of the most popular home improvement projects is creating a primary suite, such as a master bedroom with a private bathroom and closet. This type of upgrade can increase your home’s resale value and improve your quality of life, but it’s important to consider the cost. A new bedroom with a private bath can cost anywhere from $15,000 to $30,000, depending on the size of your house and the type of amenities you choose.
Another popular home improvement project is installing a wood deck or fence. These projects can increase your home’s curb appeal and add functionality to your backyard. However, if you’re not careful, these projects can also become expensive and take up a lot of your time.
Before you hire a contractor for your home improvement project, it’s important to compare quotes. Prices vary significantly, but you should also look at the contractor’s track record, experience, and reputation. It’s also a good idea to ask for referrals from friends and family members.
Many people make the mistake of overspending on their home improvement project or going into debt to pay for it. The best approach is to plan your budget carefully and only spend what you can afford. Also, it’s a good idea to talk with a real estate agent before starting any major upgrades. This will ensure that your improvements are aligned with the needs of potential buyers in your area. In a strong housing market, these upgrades can boost your home’s resale price. But in a weak market, they might not add any extra value.