Whether you are looking to improve your home’s curb appeal, make it more functional or sell it, there are a wide variety of home improvement projects that can be done. But, as with any investment, it’s important to weigh the pros and cons of each project.
In the past few years, homeowners have been spending more money on home improvement projects than ever before. However, these projects vary by homeowner needs and preferences and aren’t always successful in increasing home value.
A good place to start when looking at remodeling options is by reviewing your own home’s existing features, like the number of bathrooms, bedrooms and square footage. This can help you identify potential problems and determine where your priorities lie for your home improvements.
The most popular home improvement projects include adding an extra bedroom and bathroom, refinishing hardwood floors or replacing the kitchen sink. These are all great ways to add value and function to your home. If you are considering more extensive remodels, consider working with a design professional to ensure that your new project will be a success.
It’s also a good idea to keep in mind your neighborhood when planning a home improvement project. If you live in a neighborhood where most homes have similar features, it’s best to stay consistent with the rest of the community to avoid over-improving your house, which can detract from the resale value.
The most common source of funds for home improvement projects is cash from savings. In addition, homeowners often use credit cards, cash-out refinancing on their mortgages, contractor arranged financing and home equity loans to fund their renovations.
In terms of how homeowners choose which home improvement projects to undertake, the most important factor is how the project will affect their everyday lives. Some projects, such as repairing a leaking roof or fixing an electrical problem, are a necessity that shouldn’t be delayed, while others may simply be more of a luxury and will not increase the resale value of your home.
It’s also wise to keep in mind the fact that any home improvement project you undertake will cost more than just the materials and labor needed to complete the job. It is important to budget for unexpected costs and to set realistic expectations with contractors regarding their work schedules.
Homeowners can also save money on home improvement projects by taking on some of the work themselves rather than hiring a professional. Many stores that specialize in building products offer do-it-yourself kits for certain projects, such as installing a deck or putting up a fence.
If you have a small amount of money to spend on home improvements, consider starting with small changes that will have a big impact, such as refreshing shower areas or updating your fixtures and lighting. Then, once you have the hang of these simple projects, you can gradually upgrade other parts of your home to meet your needs and taste.