Home Improvement Increases the Value of a Home
Home improvement is the repair, maintenance and remodeling of a home. It includes work on the house structure, such as additions and alterations, but also the improvement of its interiors and exteriors, to enhance their appearance and functionality. Home improvements can be as simple as repainting the exterior or adding new fixtures to the bathroom. Home improvement projects may also involve adding insulation or installing new windows. A well-planned and executed home improvement project can increase the resale value of a home, as it will attract more potential buyers.
The return on investment from home improvements can vary widely and does not always recoup the cost of the renovation or remodel. Some projects, however, have a proven track record for increasing the value of a home. Regardless of what type of project you undertake, it is important to budget properly and choose quality materials and contractors. This will help ensure that the job is completed on time and within budget.
While you can save money by doing some home renovations yourself, it is always a good idea to hire professional contractors for jobs that require specialized skills such as plumbing, wiring or cutting through walls. This will prevent costly mistakes that could be expensive to fix later on.
Homeowners are spending more on home improvements than ever before. In fact, remodeling spending reached a record high in 2017, with homeowners aged 55 and over the largest group driving the increase. The underlying factors are higher housing prices that have increased the equity available to take out a loan, as well as aging homes that require more repairs and upgrades.
Before making any major home improvement, it is a good idea to get the opinion of a real estate agent about what changes will add the most value to your property. Many changes, such as those that are too personalized or go over the top with a theme, can detract from your home’s value and make it less attractive to potential buyers.
Some popular home improvement projects include adding an additional bathroom, bedroom or living space to the property. This can be a great way to increase the value of your property, especially if you have a growing family.
Another popular improvement is replacing old appliances with energy-efficient models. This will not only reduce your utility bills, but it will also make your home more environmentally friendly.
When choosing a contractor to complete a home improvement project, be sure that they are licensed and insured. This is required by law in the state of New York. You should also obtain references and ask about previous projects that they have undertaken. You should never pay a contractor in full before the work is completed, and should always have a written contract with a clear timeline for when the project will be finished. You should withhold final payment until the contractor has completed all required inspections and certificates of occupancy. This will protect you from unscrupulous contractors who might skip town without finishing the job.