Home improvement is the process of repairing, renovating or improving residential homes. Home improvements can include anything from changing out old carpets to adding an entire new room. However, before beginning any kind of home improvement project, it is important to consider how the work will impact your resale value. In addition, you should always keep safety in mind.
There are a few certainties in life: death, taxes and if you’re a homeowner, home repair or improvement projects. While many of these projects are planned, others come looking for you in the form of a leaky roof or flooded basement that can’t wait until your next home improvement budget rolls around. Regardless of how these projects are completed, homeowners have spent an estimated $522 billion on home repairs and renovations over the past two years.
The good news is that most home improvement projects are affordable and can be paid for with cash from savings or through financing options like credit cards, unsecured personal loans, contractor arranged financing or mortgage refinancing. In fact, according to the American Housing Survey, nearly three-fourths of homeowners reported being able to pay for the majority of their home improvement projects without tapping into savings or going into debt.
For 2023, experts predict that the most popular home improvement project will be fixing or replacing items that were damaged by recent natural disasters and other man-made events. Additionally, a number of projects that focus on energy efficiency will be surging. This is due to the high cost of utility bills, a desire for comfort and an interest in increasing the overall value of the home.
Other top projects that are expected to be popular in 2023 include bathroom and kitchen remodels, installing a new deck, hiring landscapers and building a fence. These projects are considered safe and easy to complete for most people, but before you begin any home improvement project it is important to consider your safety. It is crucial to hire licensed and insured contractors who are members of a professional association and have good business references. It is also a good idea to check for any complaints filed against the contractor before hiring them.
One of the most important things to remember when planning a home improvement project is that you should prioritize your comfort and enjoyment over resale value. If you spend too much time thinking about how your home will look to a potential buyer, you might end up with a showplace that doesn’t feel like a home. This will make it harder to enjoy your home and could even deter potential buyers. To avoid this, it is recommended to consult a real estate agent to discuss your plans before starting any large or expensive home improvement projects. This way you can be sure that your improvements will add value to your home and increase its resale value in the future. In the long run, it is worth the extra effort to ensure that your home is a place you can be proud of.