Home Improvement Boosts Your Home’s Value
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Home improvement is a broad term that covers the process of altering, repairing, improving or modernizing one’s property. It includes driveways, sidewalks, swimming pools, terraces, patios, landscaping, fences, porches and garages.
Taking on home improvements can be a great way to enhance your living space, but it’s also a great opportunity to boost the value of your house. In fact, according to NerdWallet’s 2018 Home Improvement Survey, homeowners recoup 74 cents for every dollar spent on renovation projects when it comes time to sell their homes.
A home improvement project can be a major investment, so you should plan carefully and be honest with yourself about how much work you’re willing to put into it. For example, if a home improvement project costs a lot of money but will increase your home’s value by only a few percent, you might want to consider postponing it until you can save more money or get the job done on a less expensive basis.
Before beginning a home improvement project, be sure to do your research and check with your state’s Department of Revenue and your local CPA to make sure you’re not violating any laws or tax regulations. In addition, it’s a good idea to make sure that any home improvement contractors you hire are licensed, insured and bonded.
Getting a contractor qualified for home improvements requires that they pass a test on state and federal law as well as general business competency. They must also be screened for serious criminal convictions.
Many homeowners are planning to take on home improvement projects in the next two years, with painting and updating light fixtures leading the way. Other popular projects include a bathroom renovation, a kitchen remodel and a whole-house renos.
In 2023, experts expect to see homeowners spend an additional $600 billion on home improvement projects. That’s up from $424 billion in the previous survey period, largely because of higher inflation and a potential recession, according to the Harvard Joint Center for Housing Studies.
The trend will also be driven by an increasing number of older homeowners who have more cash on hand than younger ones to cover the cost of their renovations. This group is responsible for half of the nation’s home improvement spending in 2017 — 25 percent from homeowners who are 55 to 64, and another 25 percent from those who are 65 or older.
For some homeowners, a home improvement project is the only way to keep their home safe and secure. The increasing frequency of natural disasters, like hurricanes and wildfires, has made it crucial to ensure a home’s structural integrity. In addition, some older homeowners are simply tired of the look of their house and need to update it to make it more appealing to buyers.
Whether you’re a homeowner who is ready to start making some changes or just want to improve the look and feel of your house, here are 50 expert home improvement tips to get you started.