Home improvement has long been a popular hobby and a way to add value to a property. However, the cost and time involved in most projects make it essential to plan carefully before beginning a project. It’s also important to choose a contractor that is licensed and insured and understands the local building codes. Finally, homeowners should use a modeling or design tool during the planning phase to estimate project costs and to avoid surprises once work begins.
While many homeowners are focusing on upgrading their bathrooms and kitchens, there’s no doubt that adding square footage to the property will help increase its value. Adding a basement, for example, can allow for an additional bedroom and bath as well as living space. The cost of a basement addition can range from $22,350 to $49,267, according to HomeAdvisor.
Energy-saving improvements are another great way to increase a property’s value and make it more attractive for potential buyers. For instance, replacing outdated windows or installing a new heat pump can reduce a home’s utility bills by increasing its efficiency. In addition, such upgrades are often tax deductible.
When it comes to home improvements, there are many options, ranging from simple projects like painting rooms or updating light fixtures to extensive renovations and additions. However, it’s important for homeowners to prioritize projects that will add function and value to their homes and that are likely to appeal to most prospective buyers.
Updating a kitchen and bathroom is always a good idea, as is adding square footage. A garage extension is also a safe bet, as it will provide additional livable space and improve a property’s functionality. A finished basement can be a great place to entertain guests, and a deck or patio will add outdoor space for enjoying the weather.
It’s also a good idea to keep in mind the average value of homes in a particular neighborhood when making improvements. It’s unlikely that a homeowner will command a premium above the neighborhood average for a project that is not consistent with other homes in the area.
Overall, the majority of homeowners who undertook home improvement projects reported a high level of satisfaction with their results. However, some homeowners found that they struggled to pay for the projects, with 14% having to cut back on discretionary spending or sell items and 12% having to tap into or exhaust emergency savings to afford the work. Ideally, homeowners should be able to complete home improvement projects without dipping into their savings, going into debt or having to sacrifice other areas of their lives. By being smart about which projects to undertake and keeping a long-term perspective, it’s possible to reap the benefits of home improvements and enjoy your property for years to come.
