Home improvement, also known as home renovation, is a process of enhancing an existing house to increase its resale value and improve its appeal. Projects may range from making the interior and exterior of a home look better to adding new features to increase its resale value. The best part is that it doesn’t have to be expensive! There are many ways to improve your home, and it doesn’t have to break the bank.
Home improvement is a project to make one’s house better, bigger, more modern
While most people see the benefits of home improvement in terms of return on investment, there are some downsides to a renovation project. One such disadvantage is that the renovation will entail higher costs and a lower ROI. A popular renovation is to improve the living room. According to a HanleyWood study conducted in 2002 in collaboration with Harvard’s Joint Center for Housing Studies, thirty to 40 percent of home buyers had plans to remodel their homes within six months of closing.
Making home improvements can add resale value. However, not all renovations will add resale value. Before embarking on a renovation, consider whether the changes will increase resale value. If you are unsure about the return on investment, work with your realtor to determine which improvements will increase the resale value of your home.
It can be done on a budget
Whether you have an old house or a new one, home improvement projects can be exciting, but they can also be expensive. Bob Harkson, chief financial planner of Phase2 Wealth Advisors in Gig Harbor, Wash., recently undertook a major kitchen renovation. He says his clients frequently fail to budget properly for home improvement projects. In addition to increasing the cost of the project, they also spend more time on the project than they originally thought.
First, consider how much it will cost to live while the renovation is taking place. For example, you may have to eat outside or board your pets during the project. Also, remember that the cost of labor is typically only 20 to 35 percent of the overall cost. Finally, be sure to factor in the cost of the fixtures and finishes, as well as taxes. Also, don’t forget about the cost of appliances, delivery fees, and disposal.
It can add resale value
One of the easiest ways to increase the resale value of your home is to make it more attractive to prospective buyers. Home improvement projects that increase the curb appeal of a house can add significant value to a house, and you can do so without spending a fortune. For example, you can add a stone veneer to your home’s exterior, or change the siding to a more decorative style. Potential homebuyers will pay more for a house that has an attractive exterior.
Whether you’re looking to sell your home, remodel, or update your home is up to you. Some home improvements have more value than others, so be sure to research the cost-benefit ratio before you make a decision. A new garage door adds 93.8% to the value of a home. In addition, if you’re replacing your roof, you may want to replace other parts of the home, such as the windows and the siding.
It can be difficult
It may seem overwhelming, but home improvement doesn’t have to be. By breaking up big projects into smaller parts, you can easily handle them. Don’t forget to hire professionals if you have no experience with home improvement. You might be able to complete some projects yourself, but other big ones may be too much for you to handle. Also, keep in mind that the plans you get from friends or relatives may not be compatible with your current home.
Before you start any home improvement project, you should determine what you want to achieve with it. This will allow you to focus on the project at hand. Look at magazines, home improvement shows, and even features in your friends’ houses to get some ideas. Adding a second bathroom will boost the value of your house. Having two bathrooms is even better, especially if they are on different floors. Once you’ve done that, you can move on to a more challenging project.