What Kinds of Home Improvement Are a Good Investment?

Home improvement is a homeowner’s responsibility to keep their property in good condition. While basic maintenance tasks are important, more ambitious projects can also help increase a house’s value and livability. To get started, it’s important to know what kinds of home improvements will be a good investment.

When considering any renovation project, homeowners should be aware of how much the improvements may affect their house’s value when they sell. This is why it’s a good idea to consult with a real estate professional before taking on any expensive projects. There are also other factors to consider, such as how well a renovation will stand up to the test of time.

One of the most popular home improvement projects involves adding square footage to a house. This can be done by adding an additional room or by expanding existing living space. This type of upgrade can be expensive, but it can also greatly increase a home’s value. However, it’s important to keep in mind that a home addition can be difficult to maintain and could eventually cost more money than the initial renovation.

If you’re thinking about making a major renovation to your home, it’s best to consult with an experienced construction company or architect before deciding on a final design. This can prevent costly mistakes down the road and ensure that your home’s value is protected. Depending on the scope of the project, an experienced contractor can also provide valuable insight and advice that will save you time and money in the long run.

It’s also a good idea to have a solid plan for financing any necessary home improvement work. This includes having an understanding of the amount that you’ll be required to pay back and how much interest you’ll be charged each month. In some cases, it might be more beneficial to choose a fixed rate loan rather than an adjustable rate loan.

When it comes to home improvement, there’s no denying that homeowners can feel satisfied by their finished work. In fact, according to the 2021 Bank of America Homebuyer Insights Report, 54% of homeowners reported increased levels of happiness after completing home improvement projects.

Despite the pandemic-era frenzy to upgrade homes, it seems as though many homeowners are now reassessing their planned home improvement projects. Both Lowe’s and Home Depot have recently reported a decline in customer spending on big-ticket renovations, likely reflecting waning household confidence and the fading appeal of Covid-19.

While there’s no arguing that home improvement can be a great way to add functionality and appeal to a home, it’s important for homeowners to carefully weigh the costs and benefits before starting any major projects. By using tools like our cost calculator and smart choice guide, you can make informed decisions about the home renovation projects that will be right for your budget and lifestyle.