Many homeowners undertake remodeling projects with the goal of increasing their home’s value. After all, who wouldn’t want a new kitchen or master suite? But not all upgrades are created equal. Some actually decrease a home’s resale value. That’s why it’s important to consult a real estate pro before making major renovations or additions.
Home improvement, as defined by the Federal Trade Commission, includes “the remodeling, altering, repairing, restoring, or modernizing of a residential building.” That means anything from replacing a front door to adding an entire new room to your home. It also includes putting up fences, and painting or repainting the exterior of your home.
Some of the best home improvement projects are relatively inexpensive and easy to do. Crown molding, for example, is a popular way to add a touch of elegance to any room. It can be purchased at a home improvement store, cut to the exact size needed for a particular space, and then attached to the wall using nails or screws. If you’re handy with tools, you can even do this project yourself to save money.
Other simple but effective home improvements include re-grouting tile, painting and power washing your house’s exterior. These upgrades don’t cost a lot of money but can make a significant difference in the look of your home and increase its resale value.
However, if you’re planning a large-scale remodel or addition, be sure to consider the effects it might have on your neighborhood’s marketability. A pool, for example, might not appeal to a broad audience of potential buyers, or a backyard fire pit may look out of place among your neighbors’ modest yards. Talk to a realtor or a friend in the real estate business about specific upgrades that would be most appealing to buyers in your area.
Another thing to keep in mind when planning a home improvement project is the effect it might have on your home’s utility costs. For instance, installing a smart thermostat can help you lower your heating and cooling bills and improve energy efficiency—an upgrade that might attract buyers who are interested in green living.
Before you hire a contractor for your next home improvement project, take the time to research the company and check out reviews online. Also, be sure to find out whether the contractor has insurance in case of an accident or damage to your property. It’s a good idea to get a written contract that details the work to be done, how much you’ll pay and when it should be finished. This will protect you from unscrupulous contractors who try to overcharge you or do unnecessary work. It will also make it easier to compare prices between contractors. By having a clear list of what you want completed, you can negotiate with the contractor and lock in firm prices before the project starts.
