Home improvement is a multibillion dollar industry that encompasses the sale of building materials, appliances and decor as well as contractors and service providers. The market reached record highs during the COVID-19 pandemic and has continued to thrive in recent years, with growth attributed to an increase in consumer spending on renovations and remodeling projects.
Typically, homeowners undertake home improvements for a variety of reasons. These may include improving comfort and functionality, adding curb appeal or making a home safer for children and senior citizens. Many of these projects are carried out by professionals, but there are also a number that can be accomplished by DIY enthusiasts, ranging from small touches to major structural changes.
Although the highest ROI comes from kitchen and bathroom remodels, other upgrades also offer a good return on investment. These may include energy-efficient appliances and insulation, window replacements, decks, fences, porches, painting and garage door improvements. However, it is important to keep in mind that while your personal tastes will have an impact on resale value, it’s best to go for upgrades that are likely to appeal to the broadest range of potential buyers.
A fresh coat of paint is one of the easiest and most affordable ways to improve the look of your home. In addition, a new front door will add instant appeal and is among the top 10 renovations that provide the greatest return on investment. Other inexpensive upgrades that will boost your home’s curb appeal include a landscaped walkway, a flower garden and a freshly painted mailbox.
Increasing the amount of storage space in your home is a smart home improvement idea, especially if you have a lot of cookware and dishes. A free-standing pantry or wall cabinets with rollout shelves will make it easy to access frequently used items. Another option is to convert a closet into a laundry room, which will save space in your kitchen and make it easier to wash clothes.
Another project that can have a big impact on your home’s value is installing a smart thermostat. This technology allows you to control your heating and cooling from your smartphone or tablet. It can also be programmed to run at off-peak times to reduce energy costs.
The resale value of your home will be affected by its location and the type of neighborhood in which it is situated. Therefore, it is important to consider these factors before deciding on specific upgrades. For example, a luxurious bathroom remodel might be a desirable upgrade for you, but it won’t necessarily appeal to a typical buyer who wants to live in an established neighborhood with nearby schools and shops.
Before undertaking a home improvement project, it is important to research contractors and obtain multiple estimates for the work to be done. Ensure that any contractor you hire is licensed and insured. It is also a good idea to ask for references and check their reputation before hiring anyone. Additionally, it is recommended to choose a contractor who belongs to a trade association or accredited by a professional organization.