Home improvement can involve renovations and repairs that can improve the appearance, safety, or function of a home. It can also include adding or expanding rooms, and replacing appliances or fixtures. While home improvements can be expensive, they can also add value to a property. However, not all upgrades pay for themselves when it comes time to sell.
With home prices high and mortgage rates rising, fewer Americans are buying homes. Instead, they’re renovating their current residences to make them more livable and increase their resale value when the time comes.
One of the most popular home improvement projects is adding an extra bedroom or bathroom. But it’s important to focus on the upgrades that are most likely to boost a home’s value and make it more attractive to potential buyers.
If you’re thinking of doing a home improvement project, make sure you hire a licensed contractor. A licensed contractor is required to carry liability insurance that protects you in the event of an accident. In addition, they must have workers’ compensation coverage to pay for medical bills and lost wages in the event of an injury on your property.
Some homeowners take out a home equity loan or line of credit to finance their renovations. Others choose to spruce up their houses with do-it-yourself updates that won’t break the bank. For example, painting and re-grouting tile are easy projects that can have a big impact. Other cost-effective improvements include power washing the outside of a house and planting new landscaping.
