Some Home Improvement Projects Aren’t Worth the Investment
Home improvement isn’t just a way to improve your quality of life, but it can also increase the value of your property. But be careful: Some projects aren’t worth the investment.
The most popular renovations homeowners make include sparkling bathroom overhauls and big-ticket kitchen remodels. But don’t get too excited: These expensive upgrades rarely return their cost when it comes time to sell your house, according to a study by the Contractor Growth Network and Zonda Media.
Instead, focus on low-cost improvements that will increase your comfort and convenience. For example, replacing your aging floors with new laminate that looks like wood can be an inexpensive DIY project and will add instant curb appeal. Likewise, investing in energy-efficient appliances can save money and protect the environment.
Regardless of the home improvement project you choose, it’s important to hire a reputable contractor and obtain a signed contract. The contract should contain the following:
Description of Work
The contract should clearly describe all the work to be performed including any changes or additions you may request. Similarly, the contract should specify the materials to be used and their estimated costs. The contract should also specify the approximate dates when the performance of the project will begin and when it will be substantially completed.
Homeowners should carefully compare bids from contractors before making a decision. In addition to price, consider each contractor’s reputation and ability to complete the job on time (or even at all). You should also ask for references from previous clients.
If you’re unsure which financing option is right for your next home improvement project, check out a personal loan. While these loans have higher interest rates than a home equity loan, they can still provide a lower cost alternative to high-interest credit cards.
Before you start any major projects, consult a real estate professional to determine which investments will best boost your home’s resale value. If you don’t have the money to cover the cost of a remodel, consider a less expensive upgrade that will add value to your home, such as painting the exterior, adding a fence or installing smart tech upgrades.