Getting the Most Out of Your Home Improvements
Home improvement is the repairing, remodeling, altering, converting, or modernizing of any part of a residential dwelling house or the land around it. It includes, but is not limited to, the construction, erection, and replacement of driveways, sidewalks, porches, patios, decks, fences, roofs, fallout shelters, garages, and other improvements to structures or parts of buildings.
Home improvements can be a great way to add value to your home, make it more comfortable, and increase its curb appeal. However, not all improvements are created equal and some can actually decrease your home’s value. Courtney Klosterman, home insights expert for the home insurance company Hippo, explains how to make sure you’re getting the most out of your home improvements.
Hippo’s expert says that when choosing which home improvement projects to undertake, it is important to remember that your renovation should be based on needs versus wants. This means that you should focus on upgrades that will improve the functionality and safety of your house, such as installing a new kitchen or bathroom. Other necessary home improvement projects include replacing a worn out roof or updating the electrical system.
It is also important to find a licensed contractor when doing any home improvement project. This will ensure that the work is done correctly and that you have protections in place should anything go wrong. You can check out a potential contractor’s licensing and insurance status through the state’s online database. It is also a good idea to ask friends and family for recommendations and to get references from past customers. You should never pay the full amount upfront for any home improvement work, and it’s best to withhold final payment until all inspections and certificates of occupancy have been received and approved.
If you are planning to sell your house, it is a good idea to stick with more universal home improvement projects that will appeal to the broadest range of buyers. This will help to maximize the return on your investment and reduce the risk of your renovations not paying off if you decide to sell.
In the current market, many home improvement projects are seeing a surge in popularity due to low interest rates and rock-bottom prices for materials. The categories that are surging the most, according to Anderson, include deck construction, hiring landscapers, and putting up fences.
Adding a primary suite, such as a master bedroom with walk-in closet and ensuite bathroom, is another popular home improvement that can boost resale value. This is particularly true if the addition is located in a desirable area. However, if you are planning on selling your home in the future, it is a good idea to consult a real estate agent about which improvements will likely add the most value and which might not be worth the cost. They can help you determine which projects will appeal to the largest number of buyers and maximise your resale potential. They can also give you a sense of what the local market is like and what buyers are looking for in your neighborhood.