A home improvement project can be a great way to add value to your property. Upgrading your living space will also improve its functionality, making it more comfortable for you and your family to live in. However, it’s important to consider the type of renovations that will add the most value to your house. A realtor can help you decide which renovations will increase your home’s resale value and which ones to avoid. In addition, a financial planner can provide you with options for financing your home improvement project. Taking out a secured loan, such as a home equity line of credit, can be a good option because it’s backed by your mortgage and typically has lower interest rates than unsecured loans.
During the pandemic, Americans’ love for home improvement helped drive sales at Home Depot, which saw its revenue soar to record heights over the past few years. However, experts warn that the heyday of remodeling is now coming to an end. The reasons for this shift include high housing prices, tighter mortgage markets and a rise in the cost of materials.
While many homeowners are still keen on improving their properties, the high cost of construction is making it more difficult for them to do so. In addition, many projects don’t offer a great return on investment. For example, sparkling bathroom overhauls have a strong return on investment, but major kitchen and basement remodels only bring in around 60% of the initial investment, according to a recent report from Zonda Media.
Homeowners are now turning to the outside of their houses for the next big trend in home improvement: energy efficiency updates. These upgrades are a great way to improve your home’s value while reducing electricity and water bills. They are also a great way to reduce your environmental impact during this time of climate change.
The types of improvements that are surging the most include landscape work, deck construction and fence construction. These are largely outdoor-oriented jobs that can be done during mild weather. Other popular home improvement projects include installing new doors and windows, painting walls and putting up storage sheds.
It’s important to note that a license is required to perform most home improvement projects. Homeowners should always check with their local governments to ensure that they have the appropriate permits and are in compliance with all regulations. The type of license required depends on the project, but may include a general contractor’s license or a specialty permit such as an electrical, plumbing or building permit.
There are also many websites and publications that can help homeowners with their DIY home improvement projects. These resources can provide helpful tips, guides and videos for specific projects. Some of these resources even provide tutorials that walk homeowners through the process step-by-step. Homeowners should always research contractors before hiring one to complete a home improvement project. A variety of factors, including price, experience, reputation and availability, should be considered when choosing a contractor.