Home Improvement Can Add Value to Your Home

Home improvement

Home improvement, when done right, can help increase the value of your home. It can also be a fun and rewarding DIY project. The key is to make sure that the projects you choose are cost effective and add value. Whether you’re planning to sell your home or just want it to look better, these simple improvements can make the difference between a good return on investment and a disaster.

Homeowners’ appetite for major renovations may be on hold following the COVID-19 pandemic, but they’re still willing to spend money on smaller do-it-yourself projects. According to market data company Circana, kitchen and bathroom upgrades are the top projects on homeowners’ to-do lists, though the companies they shop at say their customers have lowered their budgets. “The resurgence in interest in DIY projects is the result of tighter household budgets and concerns about inflation,” says Joe Derochowski, a home industry adviser at Circana.

Some of the highest returns on home improvement projects come from routine maintenance, such as painting, re-grouting tile and power washing. Other high-return projects include a basement remodel, installing a deck and adding landscaping to the yard.

For many, a home is an emotional as well as financial asset. A well-kept and updated house increases a family’s comfort and security while raising neighborhood standards and increasing property values. Home renovations also have the added benefit of creating jobs and contributing to a flourishing economy.

Unfortunately, many people embark on a home remodeling project without thinking of the total costs involved. They may overspend, run up credit card debt or even get a loan to finance their renovations. The resulting unforeseen expenses can easily derail their plans and cause them to abandon the project altogether.

In fact, 20% of homeowners who took on a home renovation project in the past two years had to sacrifice other discretionary spending or tap into savings to fund it, a NerdWallet survey found. And when they do pull the trigger on a larger project, they often underestimate the amount of time and energy it will take to complete the work.

Thankfully, it doesn’t have to be this way. A little creativity and know-how can go a long way toward improving your home’s value, preparing it for resale or simply making it a more comfortable place to live. These home improvement ideas for all budgets can help you get started. And, because not all projects require a contractor, you can start with the ones that fit your skills and interests.

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