A home isn’t just a place to sleep and relax after a long day—it’s an investment in your future. Many homeowners renovate or upgrade their homes to increase the value of their investments and improve their quality of life. However, not all renovations are created equal. While some projects are likely to add to your resale value, others may not make the cut.
To avoid making costly mistakes during a home improvement project, consider these tips from industry experts.
Home improvement refers to the construction, repair, replacement, remodeling, alteration, conversion, renovation, modernization, or improvement of any land or building used for a dwelling house or any other structure attached to that. This can include landscaping, swimming pools, terraces, patios, porches, garages, fallout shelters, basements and more.
According to the 2021 Homebuyer Insights Report from Bank of America, 54% of homeowners reported increased happiness in their homes after completing home improvement projects. These improvements can range from adding an extra bedroom to installing a new kitchen, but it is important to choose projects that will not only add value, but also provide a good return on investment.
Some projects are a must for increasing the resale value of your home, but other renovations are more about making the living experience more enjoyable. Here are some home improvement ideas to help you determine which projects will give you the most bang for your buck.
Kitchen remodels are one of the most popular home improvements. New cabinets, updated appliances and a fresh coat of paint can significantly improve the appearance of your kitchen and make it more functional for the family. The addition of a kitchen island or a breakfast bar can further enhance the look and feel of your kitchen.
Bathroom upgrades, such as a new vanity and toilet, are another popular way to improve the appearance of your home. Replacing old tile, laying new flooring and updating fixtures will also have a positive impact on your home’s value.
Energy-efficient updates are poised to become a hot trend in home improvement for the next several years. Adding new windows, installing a heat pump or upgrading insulation will decrease your energy costs and pay for themselves during the time you own your home. These changes will also be attractive to potential buyers, who are looking for ways to lower their energy bills and reduce environmental impact.
If you’re planning a major home improvement, it is a good idea to consult with a local real estate expert for recommendations on which projects will add the most value to your home. It is also important to consider how long you plan on staying in your home and what your goals are for the space when choosing renovations. For example, if you want to sell your home in the near future, it is best to limit any high-end luxury upgrades that will not appeal to a wide variety of buyers.