Home improvement can be an exciting time, but it’s important to plan your project carefully to avoid overspending or ruining your home’s value. Many homeowners have been bitten by overly ambitious projects that didn’t pay off when it came time to sell their homes. It’s also important to know which improvements will boost your home’s resale value, and which ones won’t.
Sparkling bathrooms and kitchen renovations are among the most popular upgrades, but they typically only return 60% of your investment, according to a Cost vs. Value report from Zonda Media. Other big-ticket projects, such as adding a master suite or an additional bathroom, don’t produce great ROIs, either.
Aside from major renovations, there are a number of smaller projects that can be done at a lower price point and still add value to your home. Painting, re-grouting tile and power washing the exterior are some of the most simple and inexpensive ways to improve your home’s appearance.
One of the most common mistakes homeowners make is choosing materials that are too expensive or unique. This can cause your home to look out of place compared with other houses on the market, and it might turn off potential buyers. Instead, choose more neutral options that will appeal to a wide range of buyers.
Putting off maintenance tasks is another mistake homeowners often make. Neglected electrical problems or roof leaks can lead to major damage, and they’ll likely be discovered by a prospective buyer’s inspector. It’s best to tackle these issues promptly to keep costs under control.
A home isn’t just an investment – it’s a place where family and friends gather to relax after a long day. That’s why it’s so important to plan projects carefully, and consult with a real estate agent or contractors before making any changes that might affect the value of your home.
Some projects are simply too important to put off, such as repairing a broken roof or replacing worn doorknobs. It’s also crucial to plan your budget carefully and make sure you hire a contractor who is licensed and insured. Before signing a contract, check references and ask for a payment schedule. Also, be sure to verify that a contractor has workers’ compensation and general liability insurance in case someone is injured during the job.
Whether you want to increase your home’s value for resale or just enjoy it more, these simple steps can help. And remember, if you’re unsure about the best way to renovate your home, talk to a real estate agent to see what improvements would work best for your neighborhood. They can provide you with expert advice and guidance to help you get the most out of your home improvement project.