Home Improvement – How to Add Value to Your Home Without Spending a Fortune

Home improvement is the construction, repair, conversion, alteration, remodeling, renovation, or modernization of a dwelling house or the structure and fixtures within it. It also includes the addition to a home of an accessory structure such as a garage, shed, porch, patio, deck, swimming pool or windmill, or of an outdoor garden space such as a lawn, field or flowerbed.

While some homeowners take on DIY projects to save money, many of these projects can become a disaster if not done correctly. Unless you’re skilled at wiring, plumbing or cutting through walls, hiring professionals is generally a good idea. And be sure to check a contractor’s license and insurance before signing any contracts. There are plenty of reputable aggregators that vet contractors and match them with homeowners, but it’s important to always research the companies you hire.

According to the American Housing Survey, homeowner-occupied households spent an estimated $522 billion on home improvements in 2018. The majority of these projects were focused on fixing issues with a house that would eventually cause problems at sale time. For example, repairing leaky roofs or addressing a termite infestation are critical to prevent further damage and costlier repairs in the future.

Other popular projects included sparkling bathroom overhauls and kitchen and basement renovations. However, these upgrades often don’t provide a great return on investment for the homeowner, according to a report from Zonda Media. Typically, these projects only result in a 60 percent return on investment for the homeowner when they sell their home.

Another way to add value to a home is by adding an extra bedroom. This allows a family to expand, and it can make a house more appealing to buyers looking for ample living space. However, if you are adding an additional primary suite to your house, make sure it fits the rest of your home’s style. Otherwise, it can detract from the overall appeal and may not be a good fit for your neighborhood.

Before embarking on a major home improvement project, talk to your real estate agent to discuss what projects are likely to increase your property value. They can also help you choose a budget and stick to it. Additionally, be careful not to overspend on a project and end up going into debt. This is a common mistake, and it can hurt your chances of selling when you’re ready to move.