Home Improvement – How it Can Increase a Property’s Value

Home improvement

Home improvement refers to the process of upgrading or altering any part of a residential building. This includes anything from refinishing hardwood floors to installing a new kitchen. A recent study by Houzz showed that homeowners renovated their homes at a rate of 55 percent in 2021, and that trend is expected to continue into 2022. Many of these projects are motivated by aesthetics but there are also a number that can increase resale value and improve homeowner happiness.

Home improvements typically involve the remodeling, renovating, repairing, restoring, modernizing, converting or adding to any part of a home, including the roof, foundation, heating and cooling systems, electrical work, plumbing, windows, doors, cabinets, closets, and more. It may also include a garden and landscaping. Home improvement contractors can be hired for large scale renovations and additions, as well as smaller projects such as painting and re-grouting tile.

The most popular home improvement projects are kitchen and bath remodels, basement finishes and decks and patios. However, a full house renovation and adding a fence are other examples of home improvement that can add significant value to a property.

Besides increasing the resale value of a property, home improvements can also help homeowners save money on utilities and maintenance. In some cases, these savings can more than offset the cost of the home improvement project itself.

In order to find a reliable and trustworthy contractor for your home improvement project, it is important to ask family, friends and neighbors who they used and whether they were happy with the results. It is also a good idea to check a contractor’s license and insurance coverage before hiring them. In addition, it is a good idea to get a written contract that includes a timeline for the work to be completed, a payment schedule and as much specificity about the materials and brands as possible.

It is also a good idea to meet with more than one contractor to compare pricing and experience. A good way to do this is by attending a free home improvement seminar offered by many local organizations and trade associations. These seminars can provide helpful information and insight that can guide a homeowner’s decisions regarding the best home improvements for their needs.

Despite the economic challenges of the past few years, homeowners remain committed to making upgrades to their properties. The National Association of Realtors’ 2022 Remodeling Impact Report shows that most consumers reported increased satisfaction with their homes due to remodeling projects. Additionally, the NAR report indicated that most homeowners were eager to begin their next projects and planned to do so in 2022.

While a complete home renovation is an excellent way to add value to your property, not everyone has the budget for such a major endeavor. Fortunately, there are a number of simple home improvement projects that can be accomplished without going into debt or emptying your savings account. Some of these projects, such as painting, re-grouting tile and power washing the exterior of your home, are relatively inexpensive and can have a substantial impact on the overall look of your home.