Home Improvement Projects That Add Home Value

Investing in home improvement projects can help maintain and increase the value of your property. However, you need to be smart about which projects are worthwhile. While there are certain improvements that are generally a safe bet for adding value, such as updated kitchens and bathrooms, buyer preferences vary from market to market. The best way to find out what improvements will appeal to buyers in your area is to ask realtors and real estate agents about what projects have worked for them.

Many homeowners are hitting pause on their tub-to-shower conversions and new shower curtains after a pandemic-fueled renovation craze. But Lowe’s and Home Depot both say their customers are deferring, not abandoning, more ambitious projects. The big reason seems to be that prices for labor and materials are increasing faster than expected, making it harder for consumers to stretch their budgets.

In fact, just 42% of homeowners planning home improvement projects in the next two years said they were able to pay for the majority of their work without having to tap into savings or go into debt, according to our latest NerdWallet survey. That’s down from 52% who said that in 2020.

The reality is that most improvements don’t add much or even any resale value. And some can actually decrease your home’s value, including remodeling that is too personalized or goes above and beyond the style of homes in your neighborhood.

A fresh coat of paint is usually a safe bet, as it’s one of the least expensive ways to improve your home’s curb appeal. You can also plant flowers and shrubs, trim overgrown trees and bushes, or resod or plant grass to give your yard a more manicured look that will appeal to prospective buyers.

For a more substantial change, you could install a new roof or update the heating and cooling system to make your home more energy-efficient. You can save money on utilities and possibly qualify for tax credits, depending on the type of upgrades you choose.

Whether you’re looking for a quick fix or a major remodel, you should always have a plan in place before starting any project. That includes a budget that you’re comfortable with and a timeline for completion that fits your lifestyle. You should also consider hiring a contractor with good references and insurance and checking their license and insurance before hiring them for the job.

Finally, don’t forget about maintenance and safety updates that should be done regularly. These are important for keeping your home in great shape and avoiding expensive repairs down the road. This is especially true for electrical systems, plumbing and roofs. Having the right contractors in your corner can help ensure the quality of these projects and prevent unexpected problems down the line. A reputable, licensed contractor will also be able to provide you with an accurate estimate of how long each project will take and the cost. Lastly, don’t neglect to get regular inspections from a qualified professional, especially for your roof and plumbing systems.

Posted in: Gambling