The home improvement industry can be a lucrative one. Its annual revenue is estimated to be in the billions, and there’s no shortage of projects that can keep homeowners busy. Home improvements range from a small bathroom remodel to adding an addition on to a home. However, many projects carry a high price tag and it’s important to consider the return on investment when making these decisions. A little bit of research can help you make a wise choice and ensure you don’t overspend on your home improvement project.
Despite the fact that COVID-19 and lockdowns caused some homeowners to delay renovations, the majority of respondents cited other reasons for taking on remodeling or home improvement projects in the survey. They were motivated by improving worn-out surfaces and finishes, making their homes more comfortable and enjoyable to live in, and adding features and livability to their residences.
Homeowners are also upgrading their outdoor spaces. The categories with the biggest surges in demand are deck construction, landscaping services and fence construction. The last two are especially significant, with increases of more than 275% and 144% respectively. This reflects the unrest that has been felt by people in recent months, the need to make their homes feel more secure and the attractiveness of rock-bottom interest rates.
While many homeowners have made a profit on their home improvement projects, the reality is that it isn’t always possible to fully recoup the cost of certain upgrades. It’s a good idea to focus on improvements that will appeal to the widest possible number of potential buyers when deciding which ones to undertake. This doesn’t mean that you should scrimp on quality, but it does mean you should choose midrange options rather than high-end ones that can quickly eat up your budget.
Some improvements simply won’t add much value to your home, regardless of how costly they are. They may be too personalized or in a style that goes beyond what other homes in the neighborhood have, or they might be too expensive to match the average sale price of your area. Adding a swimming pool, an outbuilding or a detached garage to your home might also have a low resale value.
Choosing the right contractors can help you avoid overspending and a potential home improvement disaster. It’s also a good idea to create a clear contract before any work begins. It should include a detailed timeline, a payment schedule and as much specificity about materials and costs as possible. It isn’t advisable to hire anyone who doesn’t have a license.
If you are looking for ways to improve your home, it is a good idea to consider some of the DIY projects that you can do yourself. These can save you money and also add value to your home. Painting, re-grouting tile and power washing the exterior are just some of the simple projects that can give your home an instant facelift. If you are not skilled in wiring, plumbing, installing heat systems or cutting through walls, these jobs should be left to the professionals.