Home improvement isn’t just about adding value to your home; it’s also about making the house more comfortable and functional for you and your family. That’s why a lot of people choose to renovate their homes. But it’s important to keep in mind that not all renovations will increase your resale value and can even hurt you in the long run.
A common mistake that homeowners make is jumping into a project without any plans or budget in place. This can result in overspending and may put you into debt if you’re using credit card cash or a personal loan to pay for the home improvements. Taking out a home equity loan or HELOC can also end up costing you more in the long run due to interest rates, since they are often higher than credit card APRs.
Another common mistake that many people make is choosing to renovate their homes based on what they think will add the most value. It’s important to keep in mind that your home’s value is influenced by a lot of factors, including how much other houses in your neighborhood sell for. So if you’re looking to get the most bang for your buck, it might be a good idea to walk around and see what other homeowners in your neighborhood have done with their homes.
If you’re thinking of selling your home in the future, then it’s especially important to make sure that any home improvements you do will appeal to buyers. For example, if you’ve installed an in-home theater, then it might not be appealing to potential buyers who are more interested in a living room that can be used for entertaining.
Over-personalized home renovations can also hurt resale value, such as adding custom bathroom features that aren’t a good fit with the rest of your house. Instead, try to go with classic and timeless options that will be more likely to appeal to a broad range of buyers.
Painting can be one of the cheapest and most effective ways to spruce up a house. A gallon of paint costs about $30, and it can really brighten up a room. Don’t forget to paint the ceilings, as well – it’s a great way to create an accent wall and spruce up a space.
Homeowners are spending more money than ever on home improvements. That’s partially because people are staying in their homes longer and partly because they’re having trouble finding affordable new houses. But it’s also because home prices are high and mortgage rates are double what they were last year. That’s why it’s important to stay on top of your home maintenance and do any necessary renovations that will improve the quality of life for you and your family.