Whether you are planning to stay in your home or are hoping to sell it, home improvement is a great way to increase the value of your property. It can be a daunting process, but it is possible to do it within a budget and in a timely manner.
What Is Home Improvement?
It is not uncommon for homeowners to undertake a home improvement project with the hopes that it will increase their home’s value. Despite this, not all renovations actually add value. In fact, some projects can detract from the property, turning potential buyers off.
Home improvements typically fall into the category of remodeling, altering, repairing or painting. Often, these projects involve driveways, sidewalks, patios, swimming pools, landscaping, fences, porches, garages and basements. Other home improvement projects include installation of new appliances and fixtures, resurfacing of a patio or driveway, and additions to a dwelling.
What Are the Most Popular Home Improvements?
According to the Home Improvement Research Institute, the average American homeowner spends more than 50 percent of their income on home improvement projects. This trend is driven by a combination of factors, including higher housing prices and a growing population of older homeowners with available equity to finance home renovations.
A common mistake homeowners make when doing home improvement is over-personalizing their homes and adding too much unnecessary expense. While it may be tempting to go overboard with high-end upgrades, such as marble countertops or a new deck, it is important to avoid doing so.
Another common mistake homeowners make is ignoring the smaller details of their home that can improve its overall appearance. Taking the time to clean and repair loose wires, broken outlets and water leaks will help your home appeal to future buyers.
Replacing cabinet knobs can give your kitchen a fresh, new look and make it more appealing to prospective buyers. You can also replace the doorknobs on your closets, bedrooms and bathrooms for a more modern look.
Adding trees to your backyard can create a more natural, peaceful atmosphere and add privacy as well. They are also useful for increasing your property’s appeal to buyers who want a yard and outdoor space.
Doing a little research can help you determine what types of home improvements are the best options for your situation. Start by looking at what other homeowners in your neighborhood have done and what type of home renovations are most appealing to homebuyers.
The next step is to choose the projects that will most benefit you and add value to your home. Think about your goals, whether you plan to stay in your house or if you are planning to sell it soon.
If you plan to stay in your home, choose house renovations that will improve the quality of life for you and your family. You can even consider a few of these projects for your own pleasure and enjoyment.
If you are planning to sell your home, try to focus on common home improvements that will attract the most buyers and get you the highest return on your investment. Depending on your circumstances, some of these upgrades can be tax deductible as well.